[quote=Zeitgeist]Probably not one of the one’s most people would think of, but this one is useful:
“More than 20 years ago journalist Edward Jay Epstein wrote the definitive expose of the diamond business, initially published in the Atlantic Monthly in 1982 and subsequently as a book, The Rise and Fall of Diamonds. Epstein, it must be said, is a conspiracy buff, but his research on diamonds is pretty credible. His central contention is that diamonds have little inherent value; their perennially high price is solely a function of clever promotion and ruthless manipulation of the market. You ask: Isn’t that true of any high-value product? Nope. Take gold, a true commodity in the sense that it’s fungible, as the economists say–like quantities of gold are freely interchangeable. Gold’s purity can be readily assayed and it’s indestructible for practical purposes, making it a reliable store of value. Even now that the world has abandoned the gold standard, gold’s price has held up well on the open market.”
