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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: Claude Cormier who wrote (2050)	9/12/2001 12:50:10 PM
From: Brumell	Read Replies (1) of 4051

>>> Simply said, gold is money. <<< Therein lies the fallacy, Claude. It is not money. It is simply a commodity and trades as a commodity. It is no more money than diamonds, oil, copper or silver are money. Worse, if a gold standard was strictly adhered to and gold did become money, it would be the end of modern economics which despite criticism has worked well. It would mean the end of counter-cyclical fiscal and monetary measures by which global depressions have so far been avoided. The goldbug theory of present currencies being "fiat" money is simplistic and shallow. What gives a currency value is the productive capacity and infrastructure of the nation behind their currency. Yes those currencies can be manipulated but so can any commodity price including that of gold. We both know if gold rises tomorrow, it will be in reaction to events in America. It will be bought only as a theoretical hedge against world uncertainties... because it is only a hedge, nothing more. Bob

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