Holders of precious metals or other major tradable (fungible) assets worldwide need to monitor the foreignexchange rate of the currency in which their asset is held.
Shareholder returns are at the mercy of commodity prices, drilling gambles, perpetual asset sales and acquisitions, and hedging talents on both commodities and foreignexchange desks.
To achieve price stability, it would require the Fed to monitor a full range of asset prices including not only goods and services, but also the price of gold and the foreignexchange value of the dollar.