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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: LLCF who wrote (54221)	6/13/2000 10:56:00 PM
From: Hawkmoon	Read Replies (1) of 116759

Yes David, that is a good reference link. Especially this paragraph which seems to contradict the first paragraph (money being a storehouse of value): Money is a medium of exchange. This simply means if you can use it to buy or otherwise obtain goods or services that you need or want, it's money. The simplest form of exchange is barter, where people or companies trade goods or services of roughly equivalent value with no money changing hands. When barter is inconvenient, an object may be used to represent value. That object is money! It has been many things: grain; cattle; shells; salt; precious stones and metals; pieces of paper; and bits and bytes of data stored on a computer or a smart card. The only requirement for this function is that the two (or more) parties accept the value represented by the object, and use that object to buy and sell goods and services. Money cannot be defined as an absolute, unchanging, storehouse of value because diverse parties CONSTANTLY alter their perception of how much money must be exchanged for their goods, thereby weakening or strengthening the value of money being exchanged. Even gold gets a London Fix each evening that varies to the price it may bring in New York or Tokyo. Thus even gold faces the vagaries of uncertainty related to conservation of wealth. Regards, Ron

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