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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (62197)1/17/2007 10:10:38 PM
From: bart13  Read Replies (1) of 116555
 

Oil quoted in gold is as meaningless as oil quoted in Euros or Swiss Franks unless and until they take actual delivery in gold. That would drive up the price of gold, but it would not do a damn thing to the dollar or the euro or the yen or the price of gasoline.


One of the definitions of money being an idea backed by confidence, I think we have to agree to disagree here. Some confidence would be lost in the dollar if oil was regularly sold in Euros or whatever and there would be more than a zero effect on the dollar.
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