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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.98

+0.6%

Nov 21 4:00 PM EST

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To: Ken Benes who wrote (37043)	7/12/1999 11:45:00 AM
From: Bill Ounce	Read Replies (1) of 116764

USA Today -- Experts: U.S. should sell its gold Thought the goldbugs would get a laugh, or perhaps a cry, out of this one... Personally, I think the USA should sit on its gold as an insurance policy in the event that a world-wide currency meltdown gets out of control (which almost happened last Summer). usatoday.com [...] University of Michigan Professor Stephen Salant says the USA lost tens of billions of dollars by not selling its entire gold holding in the late 1970s after Washington abandoned the gold standard and ended the link between the dollar and gold. At that point, gold lost its special role in the monetary system and became just another commodity, like lead, whose price varies in response to supply and demand. In a 1997 paper for the Federal Reserve, Salant and Fed official Dale Henderson lay out arguments for gold sales by the United States and other nations. [...] President Clinton doesn't need congressional approval to sell the USA's own gold. But the longer the U.S. waits, the less money it'll get because others will sell first. "Those who wait will one day wish they hadn't," Henderson says.

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