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Politics : High Tolerance Plasticity
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To: kodiak_bull who wrote (10594)11/20/2001 4:59:35 AM
From: Raymond Duray  Read Replies (1) of 23153
 
Hi kb,

Re: Gold - The crux of this market is the bullion held by central banks. They don't want the stuff and have only been persuaded to slow sales of it because they were crashing the market a couple of years ago. This overhang hasn't gone away and you can be well assured that any rise in the price of gold will be met with a selling zeal on the part of the central banks. I.e. there is no upside, IMO.

Gold has simply become irrelevant to the modern financial system. The goldbugs, being rather conservative, ought to have this figured out by the 22nd Century.

-R.
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