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Politics : Ask Michael Burke
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To: Henry Volquardsen who wrote (68389)9/30/1999 8:49:00 AM
From: long-gone  Read Replies (1) of 132070
 
<<The question in my mind is whether gold is the best store of value. I think that in the past twenty years it has been replaced by the major currencies and specificly the US dollar (I can hear the howls of laughter coming from the gold bulls now <g>). And there are specific developments over that period that have caused this shift.

The global capital markets are significantly different today than they were 20 or more years ago. Prior to the early 70s currency values were essentially fixed and were tightly managed by the major governments. >>

Henry,

Well said, and many class me(somewhat wrongly) as a "gold bull". But something "funny" has gone on in the broad gold market over those last 20 years, more the last 6-8 than before that. While I don't see "gold as money" as much now as 25 years ago, I'm far less sure what the next 20 years may bring. Seems to me, the demand for the limited element(will even sidestep the "commodity Vs money" issue) fact remains it has a great many uses & jewelry demand is growing by the moment & there is far less gold on earth than even petroleum. Then there is the problem that very little gold is actually "used up" / fully expended as in petroleum.

1. I think we've seen bottom in price or very near it.
2. I don't expect a "sudden and solid" recovery to the $800+ dollar glory days.
3. I do believe it will return there(and possibly even more), but have no idea how long it could take.

Don't you agree there is more "up side reward" than "down side risk" from here - with slight possible trouble spot 1Q & 2Q 2000?

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