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# Fluctuations in Value of Gold and Silver

## Definition

The variations in the purchasing power and worth of precious metals over time, caused by changes in mine productivity, discoveries of new sources, and shifts in market conditions.

## Source Chapter

Book I, Chapter 5

## Context

Smith discusses how these fluctuations make gold and silver unreliable measures of value, using the discovery of American mines as a key example of how such changes can dramatically affect prices.

## Economic Domain

Exchange

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