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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: Zeev Hed who wrote (36409)	7/3/1999 1:16:00 PM
From: TD	Read Replies (1) of 116756

Zeev, Your response is interesting. Only one area would it be beneficial to review; 'I believ that gold is dead as a monetary instrument because it would intrinsically cause permanent inflation if it was the peg against which all monetary instruments are based.' Thought ... What changes the troy ounce of gold or the number of federal reserve notes required to buy the ounce of gold? If a dollar equaled a dollar there would be no inflation because inflation by strict definition is " An increase in the money supply" However most people choose their own definition. Back to the point if a dollar does not equal a dollar (eg. it now requires about F$265 for an ounce of gold and in 1970 it required about F$75 for the same ounce of gold) then what do we use for a "standard"? For example if the "foot" were allowed to "float" then each builder would be able to build according to their "foot" and their would be no standard to estimate the cost of a new building... As a student of monetary history, it is easy to see the greatest lesson in all this chatter... "People do not learn the lessons of history".. My best to you, this is not to convince you or to argue with you, perhaps you may see it that way ,it is to make us all think.. As it is asked of my kids when discussing their day in school... What were you taught today? Were you taught to think or were you taught to believe"?" td

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