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The Golden Constant

The English and American Experience 1560–2007
The late Roy W. Jastram, formerly Professor of Business, University of California, Berkeley, US. Updated material by Jill Leyland
The Golden Constant is a unique examination of how gold’s purchasing power has remained consistent over the centuries. First published in 1977, this new edition has additional material to bring it up to date.
Extent: 368 pp
Hardback Price: £95.00 Online: £85.50
Publication Date: 2009
ISBN: 978 1 84720 261 1
Availability: In Stock
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  • Economics and Finance
  • International Economics
  • Money and Banking
The Golden Constant is a unique examination of how gold’s purchasing power has remained consistent over the centuries. First published in 1977, this new edition has additional material to bring it up to date.

The book is the only in-depth examination of how the purchasing power of gold has performed over the centuries in both England and the USA. It contains a thorough explanation of how the gold market evolved and how this is related to economic and political developments, from 1560 in England, and from 1800 in the USA, up to 2007. The book also contains detailed historical statistics on gold, wholesale and consumer prices and the real price of gold.

This important book will be an essential resource for institutional and individual investors in the gold industry. Academics, economic historians and economists interested in monetary and financial history will find this book to be a fascinating read.
‘A timely update of Roy Jastram’s 1977 book, The Golden Constant, with updated material from Jill Leyland, latterly of the Gold Council, provides a fascinating insight into the price and purchasing power of gold over the past close to 450 years. . . Jill Leyland has done sterling work in expanding the geographical coverage to France, Germany, Japan and Switzerland, as well as bringing the book up-to-date.’
– Gabriel Stein, The Business Economist

‘Roy Jastram’s classic book has been updated, to the delight of all students of gold.’
– Lord William Rees-Mogg, former Editor of The Times

‘As gold holds its value over the long run, so, I predict, will this superb book. Must reading for the investor and scholar alike.’
– James Grant, Editor, Grant’s Interest Rate Observer
Contents: About the New Edition Preface Previously Written by Roy W. Jastram Foreword to the New Edition by Pierre Lassonde Introduction Part I: The English Experience 1. The Price of Gold 2. Historical Fluctuations in the Price of Gold 3. Commodity Prices and the Construction of Index Numbers 4. The Purchasing Power of Gold 5. The Purchasing Power of Gold in Inflation and Deflation Part II: The American Experience 6. The Evolution of the Gold Standard and Historical Fluctuations in Gold Prices 7. The Purchasing Power of Gold 8. Reflections on the Golden Constant Part III: After the Gold Price was Freed, 1971–2007 9. The Gold Market and the Purchasing Power of Gold, 1971–2007 10. Further Explorations into the Gold Price and its Purchasing Power Appendices Index