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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: The Vet who wrote (67804)8/19/2007 11:23:17 PM
From: Dale Baker  Read Replies (1) of 116555
 
Gold is pretty well accepted and recognised everywhere,

Can you name a functional country where you can pay your hotel bill in krugerands over the counter, or where the bank will take gold for their local currency but not dollars at the foreign exchange desk?

I have lived many places and never seen gold used as a medium of exchange for goods or services on the street. If the local currency is toilet paper, one of the strong western currencies becomes a substitute, sometimes dollars and sometimes not.
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