It’s maddening to so regularly see the thoughtlessly repeated rhetorical statement that gold (all the money metals actually) ‘yields no dividend’; because it’s too obviously untrue!

The recovery of precious metals has always lagged the growth of the human race by a fairly constant rate. What does that mean to a classical economist? It means the long settled maxim that as the growth of ‘Demand’, by natural consequence, exceeds ‘Supply’, its predictable outcome is an increase of value.

Clearly then (unless a government is arrogantly ‘fixing’ a fiat numerical ‘value’ on those metals … government’s original sin), as with all other goods subject of human desire, the decrease of ‘share’ relative to individuals demanding sufficient supply for their use, invariably must effect a ‘dividend’ in that object’s holding!