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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Hawkmoon who wrote (53122)	5/22/2000 5:05:00 PM
From: Little Joe	Read Replies (1) of 116764

"Since there isn't enough gold to fully back the available paper currency that has been issued I see little rationale in keeping gold as a "reserve currency". I mean face some facts here... the US can't sell gold except by act of congress, so I really don't see what good our gold reserves actually serve. Were the dollar to collapse, exactly how would all of that gold in Ft. Knox resolve the problem?" Ron: It seems to me the answer is obvious, just as Roosevelt did during the depression you simply revalue the dollar in terms of gold. Of course, this means gold would be worth much more in terms of dollars than it is now. The benefit of having the price of gold tied to the dollar is the discipline it creates in limiting the money supply. Of course this is a two edged sword and could result in less overall economic growth and possibly worse. I am not sure it is a good idea, but it could be done. Live long and prosper, Little joe

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