Pete Boettke: “gold is up 500% over the last decade, the only other thing up that much is debt at all levels”

¿Alguna relación directa entre ambos gráficos? Aunque a ojo buen cubero, podría establecerse correlación en la última parte de ambos gráficos: más o menos desde mínimos (locales) del oro a finales de 2008 y el cambio de pendiente de la deuda pública que se produce muy a grandes rasgos a mediados de 2008.

Otra característica destacable es que más o menos a partir de 2001, tanto la deuda como el precio del oro comienzan a subir, subir, subir…

¿Simples e irrelevantes correlaciones o algo más?

ACTUALIZACIÓN: ver http://austrianeconomists.typepad.com/weblog/2009/10/what-is-gold-seeing.html#comments

The relationship between the price of gold and the US government’s debt reflects a rightly perceived (by market participants) correlation between the nation’s level of debt and its monetary authority’s predilection for inflating its fiat currency to screw its creditors. There are, of course, many other factors that influence markets for gold and fiat currencies, but the relative size of a nation’s debt and its perceived ability to repay its creditors through taxation rather than inflation looms large.

Ned Netterville