Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Ilaine who wrote (14712)	2/9/2002 10:20:15 PM
From: Maurice Winn	Read Replies (4) of 74559

300 million ounces x $330 = $100 billion. <The United States Treasury holds roughly 25% of all the gold ever mined in the world - but I think it's only 8,600 tonnes> Why shouldn't the US Treasury sell the whole lot [provided they can sell it for a lot more than it costs to produce more]? It's just sitting in a hole in the ground. Gold is the stupidest thing. People spend $250 to dig it up and then spend more money to build a hole in the ground and provide guards and bury it again then are really happy that they own a hole in the ground with gold in it. They could cut out the $250 expenditure and simply own the ground where the gold is sitting and use the $250 to buy shares in companies which do something useful. I think when the price has gone up to a good number [$400 or so], the USA will start selling a few bars to take the edge off irrational exuberance, make a few bucks and get rid of some more stocks. Mq

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