GREAT REASONING...great minds....
In the view of the Directors and Management of IAMGOLD, the present trading range for the price of gold is significantly below what we regard as appropriate and fair value in the current international economic and financial
circumstances.
Reserve currencies are presently under pressure because of fears of economic recession and because of measures taken by governments and monetary authorities to stimulate demand through increases in money supply and
credit.
Gold
is the only form of currency which is ultimately not susceptible to governmental and central banking controls, and it thus constitutes the only independent measure and store of value.
IAMGOLD Co-Chairmen, William Pugliese and Mark Nathanson said, "Notwithstanding current efforts within the gold industry to promote jewellery demand, we firmly believe in gold's primary monetary role as a safe store of value and that gold is the only form of money that is not someone's paper 'I.O.U.'
Given our belief that gold is fundamentally undervalued relative to paper currency, it only stands to reason that we would prefer gold bullion to U.S. dollars."
Todd Bruce, President and COO said, "IAMGOLD's new Gold Money Policy distinguishes the Company from the bulk of its peers who are currently divided into two groups: Those companies which, through hedging programs, convert their gold to paper before it is produced, and those which convert their gold to paper the moment it is produced. Therefore, our Gold Money Policy establishes IAMGOLD as the Company that is truly backed by gold."
John Ross, Chief Financial Officer said, "If we as an industry don't demonstrate our belief in the monetary nature of gold, why should we expect anyone else to?
We firmly believe that our industry can best promote gold by simply using it as money."
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