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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: Hawkmoon who wrote (36279)	7/2/1999 1:14:00 AM
From: Claude Cormier	Read Replies (2) of 116757

<< They want to sell gold simply because it is a dead reserve to them, unable to be sold like their currency reserves are. It's dead money for them just like the 8,000 tonnes of gold we have is a dead asset>> For now the facts do not support this statement. The net official sales are have been below 2% of total gold held by central banks in recent years. The annual average for the past 30 years is much less 1%. This is no demonetization. The recent decisions by the ECB as well as the declartions by Japan, China and India is a proof that gold is still a reserve currency. I will tell you that there are also two new developments that will use gold as a new reserve currency. You will hear about them in the next 6-12 months. And these new applications will have nothing to do with central banks.

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