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Strategies & Market Trends : Ride the Tiger with CD
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To: pogohere who wrote (131238)9/21/2008 4:40:34 PM
From: pogohere   of 313275
 
from The Privateer Market Letter, referenced here:
Message 24974345

"There is only one thing wrong with this report. While the Exchange Stabilisation Fund (ESF) was set up in the early 1930s using the paper "profits" made by the Treasury when President Roosevelt devalued the US Dollar from $US 20.67 to $US 35.00 per ounce of Gold, the "requirement" for the ESF to hold Gold was negated when President Nixon divorced the US Dollar from Gold in August 1971. At present, the ESF accounts show a holding of just under $US 50 Billion - a derisory sum in present circumstances. Not one penny of this amount is held in Gold."
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