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: Box-By-The-Riviera™ who wrote (3600)	9/12/2003 12:46:20 PM
From: Eva	Read Replies (1) of 4905

Date: Fri Sep 12 2003 12:16 trotsky (P.Yorkie, 9:19) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved the monetary properties of gold and silver are NOT determined by the central banks and their reserves. the market makes that determination. as Fekete has convincingly argued, even a velocity of zero does not disqualify money ( i.e., gold ) as money. this is merely a case of Gresham's law, whereby bad money is driving out good money. the bad money is used for day-to-day transactions as long as the gun put to everybody's head dictates so, while the good money is being hoarded. the argument that the central banks can somehow 'demonetize' the free market's money is erroneous.

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