< If gold was just a commodity, why did Korea ask its people to turn in their gold in times of crisis? >
I'm not sure what your point is here. The Korean government collected approximately 228 tons of Gold from the population in its campaign to attract donations to reduce the country's indebtedness. It was the Korean government and not the World Gold Council that advertised and marketed the " Save The Nation Gold Collection Campaign." To be sure, the Korean government was desperate enough at the time to "accept foreign currencies, as well as silver." But why do you think " the Gold only got mentioned in the news?" They ended up selling about 180 tons.
The Central Bank Statement at the time acknowledged the continuing role of gold as an international reserve asset and its special usefulness at times of national crisis or emergencies.
< A rise in the US Dollar relative to the US Dollar Index, and gold may very well fall to $230.>
Obviously. But the reverse also holds true. A Nice Fall in the US Dollar relative to the US Dollar Index ( below 90 ), and gold may very well rise above the $305 level of October 1998 and hold above that level. Repatriation has just begun. You haven't seen nothing yet.
You want to read "crap", Hutch.
cnbc.com
In reality, the dollar, relative to the US Dollar Index is falling, rates are rising, inflation is rising, and stocks are headed lower. As much as I love the Internet ( and I'm writing this message to you on my Palm Pilot IIIx using Bell Atlantic's wireless Internet technology), anyone who can think that "the Internet is more important than the Fed" in determining the nature and direction of stock prices is living in la la land and on something.
PS Why don't you voice your criticisms to the gentleman who wrote the article?
Struthers Future Tech Report
sentex.net
90% of what I read on the Internet has elements of crap in it.
|
