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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST
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To: Hawkmoon who wrote (36267)7/1/1999 6:46:00 PM
From: Enigma  Read Replies (1) of 116759
 
<<Then why should I hate gold miners just because the metal is finding itself out without a proper role in the global financial system since we left the gold standard??>>

America left the gold conversion in 1971 - since that time there have been many instances where gold has been used as collateral for loans. You have a bias against gold - but seem unable to recognise that for many countries gold is still far and away the biggest reserve asset they have. Your approach to this is that they're dying to sell it - would sell it if only they could - yet you have no evidence to support this contention - sure some countries have sold and propose to sell - the IMF plan will probably fail - yet other countries routinely buy the stuff. You seem to see the whole issue in black and white - since there is no gold standard gold has no role in the affairs of nations - yet for most countries the gold standard ended pre-war. The gold reserves of the US are extremely important to that country - the British had to part with a substantial quantity of their gold reserves to pay for so called lend lease. The country was bled white by the war - and was not a benificiary of the Marshall Plan. The US owns much of the UK pre-war gold. d

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