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To: GST who wrote (139059)2/11/2002 11:13:04 PM
From: Bill Harmond  Read Replies (4) of 164684
 
<< That has been the place to park. But the US dollar does not have the 'positional' appeal of gold. >>

That is pure crap, GST. "Positional?" Is that like missionary "positional?" Is that a financial term at all?

All the gold on earth amounts to a hill of beans. There is no way that the world's supply of gold can accomodate global trade. Only the Dollar can. It's the only store of value big enough.

If gold mattered Opec would price oil in gold. They don't. They price crude oil in US Dollars. US Dollars is the only trade they take. Not Yen, nor Pounds nor Euros. Have for decades. Nothing but US Dollars. Gold is a relic of the Dark Ages, when nobody trusted anything. The US Dollar is the world's reserve commodity, period.

Unless you are anticipating the Dark Ages to return (I can some how imagine you do!) then the strongest commodity on earth is the legal tender of the United States of America.

Have you ever set foot aboard a US Navy ship. ANY US Navy ship? Go over to Pearl during Fleet Week.

You should have confidence in the US Dollar. Everyone else on earth but you does. Get over it. There is no medium of exchange that has the combined scale, credibility, portability and stability of the US Dollar. Nothing comes even remotely close.
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