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Gold/Mining/Energy : Gold Price Monitor
GDXJ 114.20-0.4%Dec 18 4:00 PM EST
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To: Crimson Ghost who wrote (56615)7/21/2000 9:21:03 AM
From: Phil Jones  Read Replies (3) of 116815
 
George, my vote goes to gold henceforth being just another precious metal. And, unlike the other precious metals, there's an awful lot of it already out of the ground and serving no useful purpose. Except for early days, gold has always been just a security blanket, nice to have around in uncertainty. But the uncertainty has been gone for more than ten years. U.S. currency is the new gold. So what if it inflates. The U.S. is so strong and dominant in the world that its currency will keep its value vis-a-vis the other currencies regardless of how much paper the U.S. Treasury prints. Like the bully in the playground who can tell someone smaller that from now on he must call him sir. What role can gold serve in such a world? The only way I see gold ever having a monetary role again is if there were some sort of natural disaster on the planet that was of such a massive scale that the world's population lost faith in the U.S. to pull them through. (An example might be if the "super-volcano" that sits under Yellowstone Park should go off.) Until then, it's over for gold. If anything, I can see things getting much worse for the gold price. The reason is simply that its current price is based on big countries keeping their present hoards, and they're keeping those hoards because they aren't quite sure what to make of gold and its place in the monetary system. But at some point the U.S. and Germany and the other hoarders will see that holding gold no longer has any meaning. And then the flood gates will open. What value at that point?
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