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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Enigma who wrote (8248)10/20/1999 12:03:00 PM
From: Hawkmoon  Read Replies (2) of 81638
 
DoubleD...

Gold is a USELESS ASSET for the US and the IMF... and now it is the same for the Europeans.

Reserves EXIST for the purpose of being used to maintain stability in your national currency. If they can't be expended or bought to accomplish that purpose, they are nothing more than wasted chunks of matter taking up space in a vault.

It's tantamount to anyone of us holding a million or billions of dollars in cash, gold, or what have you, but not being able to spend it when we find ourselves in periods of financial distress.

What good is gold as a reserve if you can't sell it, lease it, loan it, borrow it, or buy it?

That's where we currently stand with the US reserves.

And I never stated that the CBs are stupid. It's actually quite the opposite. They can control the POG as they wish, depending on which CBs are acting together.

So while you and your goldbug buddies B&M about where the actual POG should be, the reality is that the POG will be wherever the CBs want it to be.

Sell the friggin' gold and buy each other's currencies. That's the way it should be done. The strength or weakness of a nation's currency should be based upon a nation's economic and fiscal policies, not upon the rarity of a shiny yellow metal.

There is nothing more inherently logical than this fact.
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