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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Robin Plunder who wrote (91389)	2/7/2008 8:07:17 PM
From: regli	Read Replies (1) of 110194

There were many factors influencing that drop in the price of gold. Not the least of which and in my opinion by far the biggest reason is captured in this excerpt: links.jstor.org "Between March 1968, when central banks stopped their pegging operations, and December 1974, when the U.S. government announced its first gold auction, the path of the real gold price exhibited two striking features. First, the price rose at a rate much greater than the real rate of interest for intervals as long as 8 months. Second, each upward surge was interrupted by a sharp setback. During that 6-year period, little or no gold was actually decumulated from the massive stockpiles controlled by world governments. But since the role of gold in the international monetary system had been reduced, the possibility persisted that significant sales to the private market might some day occur. ..."

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