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Gold/Mining/Energy : Gold Price Monitor
GDXJ 101.44+3.5%Nov 12 4:00 PM EST
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To: TheBusDriver who wrote (53185)5/23/2000 9:28:00 PM
From: Hawkmoon  Read Replies (1) of 116756
 
Isn't the point here that the central banks are NOT selling their gold, not physically anyway....they are selling it over and over again on PAPER? In fact leveraging??

Wayne, don't be afraid to step in and participate. I don't bite, unless bitten first... :0)

As for the above question, it is a good point that I have brought up before. What the goldbugs would have us believe is that gold is money. Yet as money it should not be loaned either physically or through the use of derivatives.

What they would like to see is a bunch of shiny metal sitting in a vault doing nothing more than playing its role as the financial system's psychological "crutch".

So gold would be the only asset or commodity that could not be traded, sold, or loaned by central banks, except that all new production would need to be purchased by central banks in order to fully back their currency with it.

So the end result they would desire is that gold should remain a subsidized commodity, only bought but never sold or leased by taxpayers.

And what is more amazing is that most of the people touting the complete government subsidization of the gold and silver industries are almost overwhelmingly conservatives. Those who think markets should dictate to the utmost possible, while govt only meddles as little as possible.

Regards,

Ron
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