The Gold Standard in Theory and Myth (by Joseph Salerno)

[TheBalancedAmerican]

13:49 Economies of scale make sense to me in the manufacturing sector. But if the service sector wants to increase output, they must increase wages and costs, so they don't benefit from any cost reductions. Since 75% of our economy is service-based, wouldn't that suggest that a slow rate of inflation would be necessary with a growing population and growing economy?

The alternative is to see wages decline along side prices to maintain profitability, and this incentives passive savings, yes? =/

[pftyea]

The gold value of a gold-backed dollar is arbitrary for the intents and purposes of the needs of the economy. Just because it wasn't pulled out of a hat by a politician or bureaucrat, doesn't mean you can't call it arbitrary. It is influenced by factors that have nothing to do with the state of the economy, so it's arbitrary.

[TheAfroCapitalist]

@pftyea Very flawed analysis; shows you do not understand monetary economics. Money does arises from indirect exchange as a commodity outcompete others into becoming the most valuable media of exchange. Gold measurements have developed from its " weight" into its state in the indirect exchange market up to the formation of coins. Rather than being arbitrary as you state, the gold contain is the byproduct of historical evolution and conformity through time!

[nivekvb]

If people start hoarding /saving gold, will there be enough for eveyday transcations? And how will you carry all that gold around with you. As the USA buys in more than it sells surely the Chinees will eventually owning all the gold.

[tjtomkins]

@nivekvb

"As the USA buys in more than it sells surely the Chinees will eventually owning all the gold"

When we buy our gold goes out & they've more which means our goods/services become cheaper for them to buy so they'd be able to buy more from us while their goods/services become costlier for us so we'd buy more locally since local goods/services would become cheaper & so on until the prices between the countries reach equilibrium by them buying stuff from us & gold comes back

[Raphael2885]

also the manner in which people want to return to the gold standard is a cop out of putting in the work to make america great again. Instead of working hard to build strong worthwhile reason for other nations to purchase american goods fans of the gold standard would rather trade gold to other nations for cheap goods.

[Raphael2885]

so the problem isn't really about which system is better because you can be on the gold standard and still continue down the same economic path we are on now. keeping our inhouse manufacturing too costly while zealously buying cheap imported goods, we will dole out any gold we have to other nations, and be back to printing our own money anyhow. gold standard doesnt solve anything its just redistributing wealth to people of the private sector who happened to stockpile a bunch or too much gold.

[tjtomkins]

@Raphael2885

"keeping our inhouse manufacturing too costly while zealously buying cheap imported goods, we will dole out any gold we have to other nations"

Please refer to my earlier post, we just won't be able to import forever under gold-standard because gold flow out to them & since there goldsupply increases, their stuff will cost more & our local stuff will become cheaper for us. Right now, we're simply borrowing money from the "future" & putting future generations in perpetual debt

[tjtomkins]

@Raphael2885

"be back to printing our own money anyhow"

Gold can't be printed. There needs to be freer exchange between gold, which wasn't until PHONY "gold-standard" world had until 1971. FDR ROBBED American people's gold & banned it so people couldn't exchange it when govt & banks starting printing.

If there's free exchange then people will cash in gold as soon as govts & banks start inflating, which be a CHECK against govt & banks printing more than they've gold, which was outlawed back then

[Raphael2885]

the real problem is with the self standing paper money is its backed actually by the strength of the country. Meaning its what you make of it. If the US put more emphasis back on R&D and innovation to produce uniqe techniques/protocol, and goods then the global value of our money would go up again. Instead we place too much emphasis on manufacturing things everyone else can already make. we dont make it the best quality and cost wise. too much focus is on the "business" of managing money 2

[YazAllCrop]

If his belief that the supply of gold as compared to the size of the economy is not an issue, then the logical conlusion is we should be able to run our economy on a single ounce of gold.

Try that at let me know how it works out.....

[NoWorriesNoProblem]

Looking to the past can be hard -- our growth rates were larger yes, but our economy was much smaller... thats why developing countries always have high growth rates and they pan out when the economy gets to the developed phase.

[Civsuccess2]

Gold standard will make derivative super popular form of currency since it doesn't use gold. Derivative is literally paper money. There will be fiat currency anyways, but just in the dark. Lol.

[Civsuccess2]

Fiat money lowers China's wage. It makes Chinese product cheaper. China sells artificial priced chinese good for US gold. Chinese lock the gold in chinese bank. US having deflation. Chinese controls US. Fiat money defeats Gold Standard.

[Civsuccess2]

China has tons population. Productivity is obvious high. US should cede all gold to China until US is as populus as China.

[Civsuccess2]

So it's okay for US, a country that's productivity is decreasing, to lose gold to china....let China have all US' gold!! Let's all go back to be poor.

[bondurango]

Gold scarcity prevents enough currency in circulation to keep up with population & commercial growth. Colonial America knew this & issued SCRIPT, i.e. non-private, fiat money.

The Bank of England asked Ben Franklin to account for the prosperity of the colonies:

"We issue our own money in proper proportion to the demands of trade & industry to make products pass easily from producers to consumers. Creating our own paper money, we control its purchasing power & we have no interest to pay."

[TheVert1276]

a "true gold standard" = making money a zero sum game AND making a one world currency. Plain and simple no other way around it!

[Civsuccess2]

@TheVert1276 Good luck convincing China, Japan, UK and pretty much the rest of the world to play by the rule. They broke the GS before and they will again.

[MRoane41]

@thehornypuppy You say gold is worthless and then create an extreme scenario which has nothing to do with your first assertion. I could say the same thing about a billion dollar blank check in your pocket or a bottle of water. Is there a point to your claim, or is it just a false assertion backed by no evidence?

[jccusell]

Ben Bernanke missed this class.

[Civsuccess2]

@jccusell He just missed the derivative class: contract as a form of paper currency. Shame.

[Chhaylin]

Nielsio, I love your channel! Thank you for introducing me to so many interesting videos.

[thehornypuppy]

You know...all in all...gold has no value at all too...i mean if you was in the desert...

And had a thousand kg of gold but not a single drop of water...what would be more valuable if someone came around and told you: i give you a bottle of water for all your gold or you can just die here.

[macktasticjoshflava]

@silvercelli Are you sure that paying interest on dollars, and living in constant debt is not enslavement? Fiat currency is the BEST way to keep the elites holding power. To keep you paying interest, to keep you borrowing, to keep you investing. Lord knows if you saved your money in pure cash, you'd be screwed..

[Civsuccess2]

@macktasticjoshflava Seriously, you telling me you being able to use "borrowed money" is slavery? Well, if I remember correctly, slaves couldn't get any resource. They obviously can't buy a luxury car on credit. Under fiat currency, who ever borrow the most is the true master. Slaves are those who constantly telling you to pay your bill.

[tetleydidley]

from what i understand, there is but one difference between the gold standard and the somewhat-permanently-constrict­ed-supply-of-paper-money-unbac­ked-by-commodity. No matter how advanced the technology is for extracting gold, paper money is much easier and cheaper to produce. So why even bother to move back to the gold standard?

[Nielsio]

@tetleydidley If you want to hold your wealth in a purely paper currency, go for it. Do you allow me the same freedom to not do so? (un-taxed and un-regulated)

[tetleydidley]

@Nielsio I would most certainly allow you to exercise your freedom to adopt the currency standard of your choice (I'm libertarian of sorts). I might want to point out though that in your system, gold miners will have the power of the fed that you apparently despise. These miners' incentives will always be to mine incessantly. No congress could stop or slow down their activities. No conservatives to tell them to stop. How would that work to halt inflation then?

[macktasticjoshflava]

@tetleydidley Growth in the mining of gold was covered in the video. I don't really feel that argument is valid though, as a 100% increase like we have seen in our monetary history is not realistic. Gold is of limited supply, and increases in the amount mined even at impossible growth rates wouldn't be sustained..

Besides, history is not on your side. Gold was used as the standard for years, and the incentive was there to mine.. but it was nothing like you stated in your post.

[macktasticjoshflava]

@tetleydidley Wait, what? Did you watch the video at all.. That is EXACTLY the reason you want a gold standard.

[petterviken]

@tetleydidley If you get rid of fractional banking you might be dept free on day...

[petterviken]

@tetleydidley If you get rid of fractional banking you might be dept free one day...

[reefpirate]

@tetleydidley You don't select a currency based on how easy or cheap it is to produce... Typically you want your money to be valuable and scarce, otherwise it will not be valuable and hence not able to buy you anything. Unbacked paper currencies are backed by trust in the printer not printing too much. The problem is that they often print too much sooner or later.

[tjtomkins]

@reefpirate

"Unbacked paper currencies are backed by trust in the printer not printing too much. The problem is that they often print too much sooner or later."

Well said "trust in the printer" lmao

Bear in mind though, that most of the money today isn't even printed, they just put a couple of numbers on a computer & VOILA new money & as you've said, anyone who has power to issue money will keep issuing it, he gets goods/services virtually for free by STEALING others' purchasing-power

[lamdash]

@tetleydidley How is any paper money "somewhat permanently constricted" in supply? The problem with fiat currency is that there is NOTHING limiting governments from printing as much as they want, and that is why we are in the economic problems we are in today.

[buznee17]

@tetleydidley Because the fed controls the money supply and therefore the value of money by printing and removing money from the market.

With the gold standard, the market would control this based on the supply of gold which the FED can't create. This follows the philosophy of free economics.

[doughtymqan]

I don't go for conspiricy theorys, but I don't believe in coincidence. So why is that the same year Obama takes office the U.S. Mint here (Denver) STOPS producing gold & silver coins? Even though it is required to by law. I should ask Tiny Tim Geitner!

[truthconquersall1]

He who owns most of the words gold will rule which are the same people who instituted the Federal Reserve. Once they inflate your money to less than a toilet paper, behind the scenes they are amassing al the gold with this fiat moneythey are allowed to create out of air. Then in the next scene(act 2) they will rule us with gold back money only there won't be much left forthe common man, then he will lend it to him and make him their slave.

[doughtymqan]

@truthconquersall1 So buy gold for your own financial protection. Be one of the winners. It aint over yet so jump in!

[truthconquersall1]

By the way the video presenter here has blocked all my friends who have different points of view that dont agree with his. What does he have to hide? I think the austrin school is a schill for the wealthy who want a world ruled by gold which will result in the ultimate monopoly and control especially since they own most of the worlds gold reserves. Check out ByrondaleChannel for the truth about gold standard. Thx!

[CytherLynx]

@truthconquersall1 that is absolutely not the case at all.

read 'the law' by bastiat, 1850 to get where we come from.

[CytherLynx]

@truthconquersall1 we are against control. if ever the future reaches a point of mass slavery, it will be because we moved to far to the left.

clasical liberalism is the true right. dont fall for the left/right mainstream paradigm

[macktasticjoshflava]

@truthconquersall1 ... The current system we have was created because the gold standard KEPT the government from spending more money... often times subsidizing the very industries that you are talking about "would" own all the gold. It had to break down, because we couldn't explode the debt to where it needed to be. We couldn't rob the value from peoples money as easily. We went OFF the gold standard, to achieve exactly what you purport it supposedly would cause...

[Civsuccess2]

@macktasticjoshflava We did not went off because of we wanted. The world was changing. Many countries abandoned GS for the sake of winning international trade war. French intentionally converted all US debt to gold. Gold was shipped to France. You can't collect money from people to shred the money. Where you get the money? Deflation it will cause is very obvious.

[charronfamilyconnect]

here is an extreme question as I am not sold yet on 100% gold standard: What if the majority of the worlds gold is held by one person and all the gold of the world has been mined by the same person. What incentive do they have to lend out gold when they potentially risk losing it to defaulters? Can I get an intelligent practical(not theoretical)answer to this question? Thanks!

[doughtymqan]

@charronfamilyconnect No one person can own all the gold. Everytime he buys something, food, clothes, a boat etc. he PAYS OUT gold. The person he pays for food etc. then spends some of the gold he recieved in payment on his own wants & needs. It will forever circulate.

[truthconquersall1]

@doughtymqan @doughtymqan I was just trying to demonstrate in the extreme sense what would result from a 100% gold standard. The result would be everyone eventually competing, fighting, stealing, and killing one another for this monopolized form of Money. Money should not be monopolized by fiat nor gold. The wages of men are far more important than the wages of money. Money represents humour labor, not necessarly one commodity namely gold.

[macktasticjoshflava]

I think most people who believe in a gold standard, would not mind allowing other competing standards.. silver, or whatever. It's the reverse that's not true. Fiat people do not want a competing currency precisely for the reason that we've been robbed.

[Civsuccess2]

@doughtymqan Of course no one person can own all the gold, but one can own most of gold. This one person can PAYS OUT a super small amount of gold as wage for his workers. Rockefeller probably did it. Anyways, Rockefeller should have issue his own fiat paper money. That'll buy him stuff.

[CytherLynx]

@charronfamilyconnect thats like saying what if someone suddenly owns everything in the world. it would never happen.

[charronfamilyconnect]

I think gold is fine to use for backing money or any other commodity representing valuel/human labour. I just dont believe is 100% gold backed currency as that would end up being an economy being ruled by those who own the majority of the gold. Why should we be limitied to one commodity backing our labour/money? I dont want to see an economy where it is ruled by those carrying the most gold. Ofcourse I dont believe in the current fiat system neither.

[Nielsio]

@charronfamilyconnect Check out the primary video on my channel called "Money, What Is It". Libertarians don't believe in a standard set by governments, but in people freely choosing what they store their value in and what they trade for.

[evadidio]

@charronfamilyconnect GS presents an obscure shade:the fixing.If I' m a ruler and I can fix the gold tax, I can say an ounce of gold is valuable as a car. And all the people who don't have any? This is slavery and feudalism. GS is not as fair as it seems. Could be a major X than the fiat.

[macktasticjoshflava]

@evadidio I don't understand how you are coming to that conclusion, TBH. The reason we are on the system now is EXACTLY because the government couldn't scam the gold standard. Our gold standard was flawed, in that it was attempted to be fixed. However, being as the market ruled time and time again.. The prices rose anyways. The government was printing tons of money, more than they could honor with gold.. and robbing you of your value of gold. Obviously, the current system allows for worse.

[thehornypuppy]

@charronfamilyconnect What you just said Ron Paul issued a LONG time ago saying that people should have the choice of what currency they want to use creating competing currencies.

[Civsuccess2]

@charronfamilyconnect Indeed, GS promotes feudalism and caste system. It is horrible for the interest of common pp.

[charronfamilyconnect]

What about gold hoarding. Wouldn't that be the achilles heel of the gold standard???

[Nielsio]

@charronfamilyconnect Hoarding is a really silly name for saving. Saving is good; it's the basis for a growing economy. People save *for good reasons*.

See other videos on my channel.

[Civsuccess2]

@Nielsio China is very good at saving. US is not. US is still number 1 right now only because of fiat money. With fiat money, US was able to cheat China trillion dollars of goods. Chinese laborers are used as slaves to produce goods to serve US citizens. For the interest of US, forget about Gold Standard.

[Americaisgreat123]

He acts as if deflation is a great thing. It caused lots of unrest during the industrial revolution. Large deflation is bad for the same reasons inflation is bad. Monetary stability is ideal. Your purchasing power increases, but so what. Your salary decreases because the money supply is staying constant as productivity is rising and hence creating a need for more money. If deflation is so wonderful, then were the gold discoveries in California and Alaska at the turn of the century a bad thing?

[Americaisgreat123]

These gold rushes increased the supply and help end the bad deflation we were living with (and which was hurting farmers in the west at the expense of bankers in the east).

He is wrong that opponents of the gold standard (at least libertarians like myself) oppose it because the government doesn't determine its supply. It is because the market doesn't determine its supply! The earth and humans ability to find it does.

[Americaisgreat123]

You don't need to have a gold standard to tie the hands of government. You simply need to strip them of their control over the money supply. The Monetarist and the free banking approach both easily accomplish this.

This video was educational in many ways and I respect Salerno as an economist, but my opinion against the "hard money" stance of Rothbard remains. Free banking, often promoted by Lawrence White, George Selgin, and Kevin Dowd, is a much smarter alternative. Much more libertarian also.

[EvilResult]

I'll agree with your first statement. In reality there is no need for a 'standard' medium of exchange.

To have a monetarist approach would be to say that some central power will have control over a Money and its value. Increasing the supply of a money only gives its purchasing power to those who obtain it first, either the banks or the government. Those who spend the money first set the future prices.

A free market being of human action will select one or many acceptable forms of money.

[EvilResult]

Supply has a lesser effect on prices than demand; demand on a good sets a price on the highest bidder. Supply has an effect only by those who make a demand through it by the perceived value as a medium of exchange. Money is a 'most marketable commodity' acting as a medium of exchange. The 'dollar' is only a medium of exchange by 'fiat', by decree holding no intrinsic value. Gold requires labor and time imbued in material form to supply to a demand of its characteristics.

[macktasticjoshflava]

@Americaisgreat123 I'm pretty sure the entire point of this video was precisely THAT the earth and humans ability to find it determining supply is a good thing.. At least, for those who don't like being forced into investing their money to at least keep their savings even with investments.. I mean, after all, it's not like drawing interest with today's savings rates is going to net you much.

[EvilResult]

One has to remember the relation of prices to what one is purchasing a good with. If the Purchasing power of the medium of exchange your using to obtain good/services increases your paying less in terms of real purchasing power. Its is not the quantity of money that is important in obtaining good/services but the value or quality of the good your exchanging for another good. The gold rush only provided purchasing power to those who obtained that medium of exchange. effects? Negligible...

[macktasticjoshflava]

@Americaisgreat123 The money supply does increase with the discovery of new gold, which happens every year.. but it's considerably more stable than the fiat currency. His argument is that the stability of gold is much better than the stability of currency. The only reason it's not stable now, is because the instability of fiat. Which drives people to speculation about Gold, and which effects prices of things purchased in dollars.

Did you watch the video? I think his arguments countered yours.

[masterdurchgriff]

Paper money is not just a mere userfriendly substitute for gold, like it is portrait to be and teached in schools; this is a dirty lie. Paper money is a means for power institutions (states, banks,..) to steal your valuables or fruit of your labor by imposing a fantasy trade item of wich the value they manipulate as they wish. They can do this because violence is inherent in this system and all of humanity is oppressed by these institutions. Yes the world has changed; now we all are slaves

[LiberalJerseyman]

@masterdurchgriff A gold standard would lead to horrible deflation.

[edwardwills]

@LiberalJerseyman I know it would be great to finally afford items to buy

[AnnoyedDragon]

@LiberalJerseyman What's wrong with deflation? Under a non-fractional reserve/debt based currency system, deflation would simply increase the buying power of people's money.

Deflation under a fiat/debt standard is a bad thing, because the currency supply itself shrinks and money becomes scarce, which is what caused the great depression. Under a gold standard the money supply stays the same (it's not like gold just pops out of existence) so you would simply see a increase in buying power.

[LiberalJerseyman]

@AnnoyedDragon Good luck getting jewelry companies to stop using gold. Also, with a finite money supply and a population as large as the United States, rich assholes would hoard gold until the supply went down and the demand went up. If money becomes too valuable, less people have it. That means more poverty.

[AnnoyedDragon]

@LiberalJerseyman People have been using gold for jewellery for as long as humanity can think back, that didn't stop it from being used to back currency. The gold standard also went on long enough that the problems your pose didn't appear to be a problem. As this video put it, America's biggest growth period was on a gold standard.

I recommend you consider what you are defending by attacking a gold standard, the current system. Which given my references on your other video, is indefensible.

[LiberalJerseyman]

@AnnoyedDragon You only addressed half of my point. People would hoard gold to get rich with a gold standard.

[AnnoyedDragon]

@LiberalJerseyman Again, why didn't this pose a problem when the world was on a gold standard? when America was the biggest booming economy on Earth, with a rapidly growing middle class?

I'm not saying gold hoarding (saving money in other words) won't go on, I'm saying it didn't appear to cause any serious problems in the past.

[LiberalJerseyman]

@AnnoyedDragon Study all of the depressions in the 1800s, after the Civil War. They are all connected to a gold standard.

[AnnoyedDragon]

@LiberalJerseyman The speculation in the stock market and crop failures played no role in the economic downturns in the 1800s? You seem quick to place all the blame for any economic downturn on gold, ignoring other factors and monetary instability since leaving it.

Again, I must remind you that you are defending a currency system that creates money from debt; and demands perpetually accelerating growth. It is not sustainable, and when it inevitably crashes; people will lose their life savings.

[LiekABaus]

@AnnoyedDragon gold standard exacerbated the drepression, by causing money hoarding and credit markets to dry up.

[AnnoyedDragon]

@LiekABaus Creating money from debt dried up the credit market, not the gold standard. The currency supply shrank by nearly a third because old debts were being repaid; while enough new ones weren't being made. A result of the fear inflicted from the market crash.

Besides, by "money hoarding" you mean saving, which was a natural reaction to economic downturns. There is far too much consideration for debtors; and not enough for savers.

[Civsuccess2]

@AnnoyedDragon People's buying power does increase. However, who is this people? People who are productive and super rich. That people, now, happen to be China. According Gold Standard, US should serve China. US citizens need to compete with Chinese labors by lowering their standard to those of Chinese. With Gold Standard, you won't be living as comfortably as you have right now.

[AnnoyedDragon]

@Civsuccess2 Wow, you really felt the need to respond to this many comments?

Buying power does not increase under a fiat currency, if that is what you are referring to. They are perpetually losing value. What's the point in the Pound gaining over the Dollar, if the price of everything continues to rise? They're falling at different rates, that's all. Creating the illusion of one gaining over the other.

The rest of your post is just bizarre. Having my currency destroyed right now = comfortable?

[bondurango]

@masterdurchgriff

Hogwash. There is nothing wrong with paper, fiat money. The INTENT of the Constitution is NOT opposition to paper money but to it's PRIVATIZATION.

If a commodified currency was necessary they would have put that in the Constitution, but they did NOT! Nowhere in the Constitution does it specify the need to commodify the currency.

The American Revolution rejected the gold standard because it institutionalized an economy based on scarcity instead of abundance.

[natritious1]

@bondurango the constitution states that only gold and silver is legal tender

[Siddis33]

There is a massive fault in his arguments for the Gold Standard. He compares the 1800 world to the present without taking into account that the world has changed. To think that the Gold Standard would work as well today as it did 130 years ago, is like thinking that country lines are better at carrying traffic because there were no traffic jams in the 1880's.

[Nielsio]

How has the world changed?

[Siddis33]

For example, the world has changed from a largely Natural Economy, with very little exchange of money, to a Money Economy, where money transport something in order of a 1000 times more values than money did in the 1880's. To me this seems quite importaint. The growth in the traffic of money is roughly in the same order as the increase of traffic on the roads.

Did they have ATM's back then?

[Nielsio]

When we talk about gold as money, we mean that the paper we circulate, or the credit/debit cards, are actually backed by a commodity. You don't need to carry around those commodities all the time.

Today the pieces of paper aren't backed by anything, which is why they keep printing them, and stealing your purchasing power in the process. If you were free to choose (and to compete) you would never stick with that.

[Siddis33]

Todays money is absolutely backed by something. If you take out a mortgage, the new money will be backed by your house. Most loans are backed in similar ways.

And I don't worry about a little inflation. I see it as an incentive for me to buy something useful for my money, like commodities. Only idiots stash up on cash. You need to undestand the system in order to compete in it.

[Nielsio]

- If you fail to pay up, they get your house. That doesn't mean the paper they loaned you was backed by something by them. Look up fractional reserve banking on Wikipedia.

- Inflation is a redistribution from people who hold money to people who print money. It's stealing. Do you mind a little stealing so that you can buy new things?

- Check out my video 'The Yield From Money Held' for an explanation why people may temporarily hold money.

[Siddis33]

That is right. If I fail to pay up, the bank takes my house. Just in the same way they would have taken my gold, if money was backed by gold. Then the bank must exhange "my" house for the money that was issued on it, just like they would have had to exhange the gold to get their money back. I don't see the difference.

Inflation is not stealing. They are open about it. It is a penalty for people who are stupid enough to not exchange their money for something productive.

[Nielsio]

If money today was backed, then there wouldn't be inflation. So you're arguing for two inconsistent things.

I asked you to look up fractional reserve banking, which would explain this to you. But instead you just repeat your claim.

[rsobies]

@Sidis33

if bank takse your home because you fail to pay up and money is backed, then how you explain mortgage crises? why did banks lose so much money on housing credits? according to your theory banks shouldn't go bancrupt

[daantje757]

@Siddis33

"Todays money is absolutely backed by something. If you take out a mortgage, the new money will be backed by your house. Most loans are backed in similar ways."

No, todays money is backed by a so-called 'guarantee' from our governments and central banks.

Everybody is 'obliged' to accept this fiat money, and banks dissenting from this policy will be visited by armed officials, as happened in the USA.

[rsobies]

@Siddis33

your argument is very poor, world has changed so we cant use gold, and that is your explanation.

[britestudiosllc]

Great presentation. Thank you for posting.

[geezerbut]

thanks

[joyisaware]

Interesting, thanks for sharing