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Crowdsourcing of improvements is always very welcome! :-)
What an eminently sensible idea! I wonder if it is already implemented anywhere?[/sarc]
It should be noted that the thing selected should have no other functions, and thus no other users are disadvantaged by (seemingly arbitrary) movement in its price. Gold meets this criteria too. And most monetary authorities (Central Banks) have stock of gold on hand.
Floating physical gold as the global economic reference point/shock absorber... sheesh DP, you don't suppose that this is behind the all the CB gold purchases of recent times do ya? CBs preparing to defend against economic shock (and getting gold before the arbitrageurs run the price)?
If one monetary authority begins this practice openly, won't the others be compelled to join in?
Hmm ... that would sure be an interesting thing, I mean as you say, if one of the major Central Banks decided to start doing this very thing.
Kinda like this perhaps.
Incidentally, some of you may find it interesting to note that 1st July is the next quarterly reporting date for the ECB, so they will be marking their holdings to market on the 30th June.
It's just one thing
That's got me trippin
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