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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.34

+3.7%

Jan 5 4:00 PM EST

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To: Rarebird who wrote (75684)	9/2/2001 12:20:21 PM
From: long-gone	of 116842

One enemy of gold a member of the left: are.berkeley.edu another: Dornbusch on Central Bank Gold Sales -------------------------------------------------------------------------------- Present US gold holdings are about 264 million ounces. At a price of around $400 an ounce, the gold stock is worth about $100 billion. Assuming that the US does not adopt a gold standard there is no reason to continue carrying the gold stock, and I would advocate an immediate and complete sale. Any clearcut decision in respect to gold cannot fail to affect significantly the world price of substantially the same whether the gold is auctioned off now or is offered more gradually for sale. What is the case, though, is that the present value of sale revenue is larger, the earlier the decision is made. Excerpted from "Statement Before the Gold Commission," November 13,1981 by Rudiger Dornbusch econ.lsa.umich.edu

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