The Richest of Confucius's Students

Tue, 13 Oct 2026 00:00:00 +0000

A difference you can see in one sentence

In the Analects, "Xian Jin," Confucius once compares two of his students.

Of Yan Hui he says: "He is nearly there, but often has nothing at all." (The original: "Hui is about right, yet often empty.")

Then of Zigong: "Ci does not accept his lot, and makes a business of trade; his guesses often hit."

In plain words: Ci doesn't stay in his place (what exactly "doesn't accept his lot" means has long been debated), goes off to do business, guesses the market, and often guesses right.

Yan Hui, from the album "Half Portraits of the Great Sage and Virtuous Men of Old" in the National Palace Museum, Taipei. Confucius said he was "often empty," often having nothing at all.　Source: Wikimedia Commons, anonymous, public domain

Gold: Why Does Something That Pays No Interest Hold Its Value?

Tue, 13 Oct 2026 00:00:00 +0000

First, let me say where I stand

I value gold; diamonds, designer toys and sneakers I lean towards thinking of as "passing the parcel." Someone with a position writing about this has to set himself a rule: put down the evidence that favours me, and the evidence against me, side by side.

One more thing: this piece is only about gold; silver gets its own. The reason is simple: they are worth something for different reasons. According to the World Gold Council (WGC), industrial uses were only about 6.5% of gold demand in 2025 (323 tonnes of 5,002 tonnes total); silver is the opposite, with more than half going to industry: according to the Silver Institute's 2026 survey, industrial demand in 2025 was about 657 million ounces, more than half of total demand (the share is my own calculation). Writing them together would either turn gold into an industrial good or turn silver into money; both wrong.

Huozhi: Money and Trade on TenTao

The Richest of Confucius's Students

A difference you can see in one sentence

Gold: Why Does Something That Pays No Interest Hold Its Value?

First, let me say where I stand