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For people to understand what default rates of 1% mean they have to understand what they are. They are actually not a default rate if you were to use the ordinary english meaning of such a phrase, i.e. how many places are going into default over a time period. They are the ratio of houses...

I agree it doesn't (silver = property) but on stock v flow property does behave a lot like gold without the liquidity. You have a high stock level with a low new production / used up / output. Gold once it hits a trend stays in it for years as the demand for the existing stock drives the...