The Golden Constant

Title of a book by Professor Roy Jastram analysing the purchasing power of gold over four centuries that he found to be remarkably "constant".

"Gold maintains its purchasing power over long periods of time, for example, half-century intervals," Professor Jastram observed.

"The amazing aspect of this conclusion is that it is not because gold eventually moves towards commodity prices, but because commodity prices return to gold." (Roy W. Jastram, The Golden Constant, New York, John Wiley & Sons, 1977).