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<p>[QUOTE=&quot;Cloudsweeper99, post: 1248372, member: 3011&quot;]It&#039;s sort of an existential question since intrinsic value must always be measured against something.&nbsp; Bonds are measured against interest rates.&nbsp; Stocks are measured against present value of future cash flows.&nbsp; Real estate is measured against future rents.&nbsp; And so on.&nbsp; Since gold and silver are mined by people who must be paid in dollars or another currency convertible to dollars, and energy costs are measured in barrels of oil which are denominated in dollars, it is appropriate to measure the intrinsic value of gold and silver against the dollar.&nbsp; It is also true that since we live in a world where dollars are the medium of exchange, everything is measured relative to that.&nbsp; If I read you correctly, you are measuring value against your expected future value of the dollar, and that&#039;s fine.&nbsp; The intrinsic value of gold and silver will probably continue to rise just as it always has.&nbsp; But if you expect PM prices to eventually revert to the cost of production, from here the prices of PMs will have to underperform the decline in the dollar for the two numbers to meet.</p><p><br /></p><p>I hope that makes sense.[/QUOTE]</p><p><br /></p>

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