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Incorrect use of terminology from me. What I meant to imply was that the value is defined by goods and services of need in the measure of the degree of their necessity rather than by the mechanism of exchange via gold or paper currencies.

What do you think of the price of a basket of common use items like food and clothing in terms of gold? Has it stayed constant as measured per unit ounce of gold's purchasing power? It is my perception that the price has declined (over the last 20 years) as the exchange rate of gold has gone up. Do you have a detailed analysis in this specific respect?

Thanks,

Anurag
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