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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: PaulM who wrote (2776)11/4/1997 12:07:00 AM
From: Wade  Read Replies (1) of 116830
 
Hi Paul,

You wrote:
>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.

Could you cite the report that Asians are net sellers? I have some
degree of reservation of this statement. The devaluation of many Asian currencies was much faster than drop of POG. Actually, gold holding protected their savings. Natually, holding US dollar is a better investment at this momnet. Actually dollar was a very poor investemnt a few years ago when many of those currencies appreciated against dollar. Dollar has gone through very wide swings in the recent years. It is not necessarily a better vehicle than gold if one can compare the charts of these two.

Asians so not buy gold for investment. They have too many other ways to make quick bucks. Gold is a symbol of "wealth" and "forever" for many people, and also it is a protection in case of disasters or emergencies. They rarely sell their gold holdings unless it is absolutely necessary. Asians have very different reasons to hoard gold. Well....these are my 2 cents.

Sincerely,
Wade
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