The first sounds like your miser. Delaying a purchase and putting a monetary value on everything by gambling on gold. Wouldn't a non-miser just buy?
No, it's the very opposite of gambling, or taking an all or nothing approach. The... let's call the 'non-miser' the moderate minded with a moderate pocket... would be very wary of taking on debt/ leveraging up
. He doesn't want to gamble on risky asset prices
. In those personal circumstances combined with a deflationary economy, a good argument can be made to keep that hard-earned in various currencies. There's an extra element of reducing risk by not be exposed to just one currency [whether gold or the pound]. This would involve diversifying your cash into various currencies... amongst which would be gold. As posted earlier, it's not about gambling on a few ounces of gold buying property... or wiping out debt. It's a prudent as opposed to a reckless approach.
I didn't mean the accumulation of money as a direct aim, just that if a person isn't materialistic maybe they just accumulate it because they don't know what to spend it on. If they don't give it away as they go along, it ultimately finishes in giving it away at the end.
OK, so if the accumulation of money no longer becomes the end then other ends will come into play. Having acquired the material conditions of life, he might focus on other spheres... could be social, educational, artistic etc. Money, earning it or increasing it, wouldn't be the prime motivation. Wouldn't that then be the end of accumulation?
Edited by roman holiday, 24 March 2012 - 12:32 AM.