It may be pointed out also, that a too literal acceptance of the suggested effects of this or any other great price influence is highly dangerous. Even while gold production continues to increase rapidly, prices, not only of shares, but of all things, will overleap themselves and will also swing backwards to the other extreme. The cycles are not completed, until both zenith and nadir have been touched. Changes in gold production will not prevent declines in prices; they will, however, interfere with the regularity of the cycles. This chapter may be fittingly closed with the following list of conclusions reached by Mr. Holt, in the work already mentioned. These conclusions cover all the points herein presented, and others which are of interest and value: “1--That both the output and supply of gold are likely to increase rapidly for many years. “2--That, therefore, the value of gold will depreciate as the quantity increases. “3--That this depreciation will be measured by the rise in the average price level. “4--That a rising price level, if long continued, is accompanied by rising or high interest rates. “5--That high interest rates mean lower prices for bonds and all other long-time obligations drawing fixed rates of interest, dividends, or income. “6--Rising prices increase the cost of materials and of operation and tend to decrease the net profits of all concerns, the prices of whose products or services either cannot be advanced at all, or are not free to advance rapidly. “7--Rising prices tend to increase the net profits of all concerns that own their own sources of materials and supplies. “8--Rising prices of commodities tend to cause the prices of all tangible property to rise. This includes lands, mines, forests, buildings and improvements. “9--Rising prices of commodities and property tend to increase the value of the securities of corporations holding commodities or property. “10--Rising prices and cost of living necessitate higher money wages, though the rise of wages will follow, at some distance, behind the rise of prices. “11--As rising prices do not mean increased profits to all concerns, many employers will not concede higher wages without strikes. “12--Rising prices and wages, therefore, mean dwindling profits and troublous times in many industries, with complete ruin as the final goal. “13--Because wages will not rise as fast or as much as prices and the cost of living, there will be dissatisfaction and unrest among wage and salary earners. “14--Rising prices of commodities and property encourage speculation in commodities, stocks and real estate and discourage honest industry.