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The Troy Ounce, Holding Food and the ISM Index

Listeners’ Questions – March 24, 2011

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Steven in Houston, TX
There’s nothing sacred about the ounce as a unit of measurement and the DOW average is based on numbers – just as arbitrary. So why would you expect a $2,000 gold, $2,000 DOW or $15,000 gold / $15,000 DOW as opposed to maybe $2,000 gold / $1,000 DOW? To put it another way, if the troy ounce as unit of weight were redefined to be 15 grams instead of 31ish, would you then expect to see one half radio to another or would you leave it at one to one?

Todd in League City, TX
Do you feel it’s important to hold food and if so, how much if I’m already holding precious metals?

Pierre in South Africa
Do you have any idea what will happen to the South African “rand” and our economy when the dollar loses its reserve status?

Kevin in Birmingham, AL
Could you talk about the strength in the ISM index? Is this another effect of inflation?