This article is taken from our FREE daily investment email Money Morning. Every day, MoneyWeek’s executive editor John Stepek and guest contributors explain how current economic and political developments are affecting the markets and your wealth, and give you pointers on how you can profit.Sign up free here. Every day, MoneyWeek’s executive editor John Stepek and guest contributors explain how current economic and political developments are affecting the markets and your wealth, and give you pointers on how you can profit. Today we return to a subject that has been a favourite of mine over the years: UK house prices – but with a twist. We don’t consider them in the debased, devalued currency that is the pound. Rather, we measure them in the eternal currency that is gold. Sterling functions well as a medium of exchange within the confines of our national borders (though it is less effective overseas). As a store of value, it’s been awful. Every year it loses purchasing power, and the interest that is paid does not compensate the loss. Real inflation is much higher than the Bank of England’s traditional measures – RPI and latterly CPI – show. Indeed, sterling has los...