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Gold/Mining/Energy : Gold Price Monitor

GDXJ 147.42

+2.2%

Jan 27 4:00 PM EST

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To: Hawkmoon who wrote (67334)	4/8/2001 7:26:30 AM
From: Rarebird	Read Replies (2) of 116927

Ron: This is a post from Michael Collings which was sent to me via PM. He asked me to post this on GPM because he was not able "to get it to post": "Rarebird: Could you post this for me to the GPM thread as I cannot seem to get it to post. Thanks. Michael Ron: Missing in your analysis is a confidence indicator in currencies. Bull markets are a confidence builder. Bear Markets destroy confidence. It is the destruction of confidence that destroys currencies and economies. We are still a long way from the bottom in these markets. The public, at large, still, is convinced that in the long run everything will be fine, i.e., their investments will come back, their jobs will be there tomorrow, and they can continue to spend and acquire more debt while not saving a dime. Gold is a vote of "no" confidence. No confidence in the Government's or the Federal Reserve's ability to save us from losing our wealth. It is a "lack of trust" indicator that the ability of the Government to protect the interests of its citizens is inadequate. We as a people and country are familiar with this kind of distrust. In fact, it is precisely that lack of trust that this country was founded on. We have separation of powers because we do not trust power in any sole entity. Removing the gold standard was a very difficult task that was tried by many governments over the centuries and was met by much distrust. People hoard because they lose confidence and do not trust. With no standard to base a currency on, a fiat system will work only when there is confidence in the system and the economy is working. Remove that, and people will look to preserve their wealth in something that is intrinsic. Gold has always filled that role." PS You can direct your reply here to Michael if you choose to respond.

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