S-W

AcronymDefinition
S-WSherwin-Williams
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In September 2013, a stock purchase agreement between S-W and Comex was amended to extend the date, by which the agreement could be terminated by either party, to March 31, 2014.
It might be argued that these examples do not directly address the paradox discussed by S-W and Dowd, since the rate of exchange between the medium of redemption (the dollar) and gold was fixed whereas in the examples used by S-W and Dowd the MOR/gold rate of exchange was not fixed.
S-W suggest that changes in the stock of currency are one of the mechanisms that would help to eliminate deviations of the market price of gold from its par value.
Given the findings of the previous section, it would be interesting to examine the issue of exactly what type of good or goods can form the basis of what S-W term a "variable commodity standard".
S-W [4, 214] emphasized the fact that the "prices of goods are independently determined by supply and demand in decentralized markets".
S-W [4] showed that the paradox of indirect convertibility is applicable to this situation.
A recent paper by Schnadt and Whittaker [5] argued that indirect convertibility into gold is not feasible, and Dowd [3] responded that the futures targeting of price indices could overcome the problems raised by S-W. Both papers failed to notice that gold meets the key criteria for media of account in a system of indirect convertibility: Gold is traded in centralized markets and gold prices are highly flexible.