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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: Stephen O who wrote (35832)	6/24/1999 2:34:00 PM
From: Hawkmoon	Read Replies (3) of 116770

If gold was worth $2,000 an ounce there would be enough backing. Then we'd have to ask ourselves why we don't back our currency with diamonds, so many carats per dollar. The gold standard did not prevent the great depression or financial crisis throughout the 1800s and early 1900s. It actually, IMO, exacerbated them by restricting the options available for restoring economic confidence. In the end it all came down to men dealing with monetary policy in a manner that maintained market expectations and confidence. Hard money is worthless if the only people who have it are the mega-rich segment of society. Without economic confidence, there is massive unemployment and little money being made through wages. The masses would rather have a job than gold at $2,000/ounce. But then again, I certainly didn't think you'd understand since you're so centered upon a gold standard and require that artificial "crutch" instead of relying upon the economic and political soundness of your country. Regards, Ron

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