> Do people hoard value shares which have predictable returns that beat inflation? Of course, but those aren't currencies they're equities. That's what they're

> Do people hoard value shares which have predictable returns that beat inflation? Of course, but those aren't currencies they're equities. That's what they're there for. > Is most gold or property hoarded, or is it traded? (Either is expected to rise in “value” over time, expected that is by the average person). Gold is shiny pebbles. It's fundamentally not worth much more than its industrial value (a tiny fraction of it's market value) and I wouldn't recommend anyone hold that either. It's not productive. It doesn't do anything but sit there, shiny, until consumed for industrial purposes. > Hoarding might occur in a depression, but otherwise the concept is questionable? Why would you spend something today if it's going to buy you more tomorrow? You wouldn't, to the extent possible. Thats why we separate short-term intentionally lossy store of value and medium of exchange (currency) and long-term store of value (equity, real estate, etc). We don't combine them due to their antithetical goals. Trying to do so is regressive.