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Gold/Mining/Energy : Barrick Gold (ABX)
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To: russet who wrote (2385)4/12/2002 7:52:34 AM
From: nickel61   of 3558
 
"even if you take into account the illegal trade which may be the problem with Gata's ASSumptions of gold supply and demand. Illegal supply of gold is the big unknown,...and I'm not talking about from Fort Knox (ggggggggggg)
20 years ago, the arguments for gold going up were the same as now,...but it collapsed from US$800,...too much supply is hidden and unknown. To much supply can be found by digging. Too much supply in bank vaults.

I agree with this portion of your analysis..I have long been suspicious of the total amount of gold that the media claims to be extant in the world..it has been between 130,000 tonnes and 140,000 tonnes for as long as I can remember and that is over twenty years...improbable. I have no clue whether Suharto took a couple hundred tonnes under the table from Freeport McMoran Copper and Gold in order to allow the mining liscence in Indonesia or there is just a steady unreported stream, but you are quite right that would skew the analysis of GATA and the various consultants fairly significantly...not enough to even partially make up for the avalanche of paper currency creation that we are currently seeing but enough to maybe prolong the fiat monetary system longer than it's critics think..certainly something has.
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