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Politics : Ask Michael Burke

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To: yard_man who wrote (68358)	9/29/1999 6:30:00 AM
From: Henry Volquardsen	Read Replies (4) of 132070

tippet, I won't lecture you <g>. But I am also amazed at the number of fine intelligent people who believe gold is the only alternative to people when their currency is debased. You are not the first to mention that people in Southeast Asia (and a few other locales) were better off holding gold than their own currencies. But they would have also been better off holding soybeans and no one treats soybeans as money. And they would have been even better off if they held US dollars. But my comment was meant to say that the role of gold has been reduced not eliminated. In economies where there are currency controls and citizens are held captive to the actions of their governments gold still fulfills a valuable role as an important store of value. I don't believe it holds that role any longer in the West. It may at some point in the future but not at the moment.I won't lecture you if you are not interested in my reason for feeling this but will if you are interested in discussing. I'm open to contrary views. FWIW I also own gold stocks. But I own them because it is a depressed sector and I look for companies that are good at running an extraction business. I don't buy them as a bet on gold. Henry

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