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gold basis

2 essays in the Forum tagged "gold basis".

April 21, 2026New Austrian Economics

The Decay Function of Marketability: Toward a Computable Menger-Fekete Framework

Menger argued that saleability is a spectrum; Fekete developed the gold basis to measure it for one commodity. This essay proposes a generalizable decay function of marketability, measurable across every modern financial instrument, that renders Menger's core insight computable for the first time.

Menger Fekete marketability saleabilitygold basismonetary theory quantitativeframework

November 8, 2009

The Vanishing Gold Basis: Field Notes from Canberra, 2009

Four days with Antal Fekete and the Gold Standard Institute in Canberra, eighteen months after Lehman. The gold basis as monetary thermometer, the mechanics of permanent backwardation, and why falling interest rates destroy capital in ways that no one in the financial press was discussing.

Feketegold basisbackwardation Real Bills gold standard conferenceCanberracapital destruction