Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: Win-Lose-Draw who wrote (699)	5/5/2003 4:47:01 PM
From: Wyätt Gwyön	of 4913

i think the main buyers were CBs. they still had the nutty idea of some sort of gold backing for currency back then. the Gold Standard Act was passed in 1900 in the US. in an environment of beggar-thy-neighbor devaluations in the early 1930s, the US full gold standard was ended folowing FDR's inauguration in 1933, at which point the US shifted to a "modified gold bullion standard". the dollar's value was set at 1/35 gold oz, but gold coin circulation was prohibited. in this context, while bullion ownership is allowed today, i don't think it is practical or cost-effective for many individuals to hold a lot of physical bullion in the US. this could change if the WGC manages to get SEC approval for a bullion ETF in the US. the Aussie one is already trading, but i have heard some US firms are refusing to trade it.

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