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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: long-gone who wrote (37841)	7/27/1999 12:34:00 AM
From: PaulM	Read Replies (1) of 116796

Hi Richard. Some Gold History Which Helps Understand "Manipulation" Today "Goldsmith's receipts....many London merchants would deposit their gold in the secure storage rooms of the city's goldsmiths for safekeeping; the goldsmiths would give receipts for the deposits....Eventually, people were using the receipts among themselves, trading them for goods and services....Fractional reserves. The goldsmiths (like modern-day bankers) began to lend their depositors' gold. This lending had implications: At any one time, there would not be enough gold to cover all of those deposit slips...." james-harvey-stout.com P.S. People who think gold is being manipulated may be getting overly bogged down in derivatives. History shows that an entirely "spot" market can be inflated (until the bank run).

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