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Gold/Mining/Energy : Gold Price Monitor
GDXJ 121.59+2.2%Dec 26 4:00 PM EST
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To: Bobby Yellin who wrote (2749)11/3/1997 6:31:00 PM
From: PaulM  Read Replies (2) of 116832
 
The Asian currency crises effect on the price of gold is perplexing. You'd think a lack of faith in paper currency would mean a flight to gold.

Instead, the Asians have now become net sellers. It is as though all the (quasi governmental) central banks have agreed, by common consent, to rely on the dollar for currency stability. Essentially betting on our economy and the U.S. governments adeptness at "managing" our currency.

Of course, this can only last so long. Gold was money by common consent BEFORE any legal tender laws or governemnt mandates. And when it (periodically) becomes clear this mandate fails in the U.S., as in 1979-1980 for example, Gold becomes money again.
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