I make everybody else that is using the US Dollar standard richer if I hoard gold. It means they can buy more real goods with their dollar. This principle is demonstrated in the 'printing' of dollars, in which increased supply devalues the dollar and makes it possible to purchase less real goods (whether you're talking houses, real estate, gold, silver, platinum, or oil as a baseline).
The same concept is demonstrated in the adoption of bitcoin. Finite supply means anybody holding bitcoins will benefit as demand goes up. Anybody holding a dollar bill would benefit from my gold hoarding.
Ask China how awesome it is to have an appreciating currency while the rest of the world foolishly destroys their currencies: China gets to buy more foreign goods every year with their same yuan notes, while the rest of the world can buy less and less (China can also more easily begin purchasing their own goods, which means less need to export; and they can more easily buy foreign natural resources, as the yuan gains against eg the dollar (since commodities are priced in dollars)).
"I make everybody else that is using the US Dollar standard richer if I hoard gold. It means they can buy more real goods with their dollar."
Conversely it means that everyone exchanging labour or goods for dollars gets less, and the incentive for those of you with dollars is to keep hold of them, thereby increasing your wealth while not actually producing any economic output.
I make everybody else that is using the US Dollar standard richer if I hoard gold. It means they can buy more real goods with their dollar. This principle is demonstrated in the 'printing' of dollars, in which increased supply devalues the dollar and makes it possible to purchase less real goods (whether you're talking houses, real estate, gold, silver, platinum, or oil as a baseline).
The same concept is demonstrated in the adoption of bitcoin. Finite supply means anybody holding bitcoins will benefit as demand goes up. Anybody holding a dollar bill would benefit from my gold hoarding.
Ask China how awesome it is to have an appreciating currency while the rest of the world foolishly destroys their currencies: China gets to buy more foreign goods every year with their same yuan notes, while the rest of the world can buy less and less (China can also more easily begin purchasing their own goods, which means less need to export; and they can more easily buy foreign natural resources, as the yuan gains against eg the dollar (since commodities are priced in dollars)).