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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.64

+1.2%

4:00 PM EST

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To: Mark Hutnick who wrote (3931)	12/7/1997 6:25:00 PM
From: PaulM	Read Replies (2) of 116815

Martin, CB sales are nothing new. I recall reading a while back that the U.S. Federal Reserve did sell a substantial portion of its gold reserves in the 1970's, the decade leading up to the inflationary debacle of that time. Maybe, having been burned in the past, they won't venture to do it again. The more I read about the history of CB's in the last decades, the less importance I place on the current talk about "demonitization" of gold. Gold has been demonetized for decades almost everywhere except Switzerland. Gold is very undervalued, even demonetized. Re-monetization of gold (return to the gold standard) would imply astronomical prices, in the U.S. $5000-$6000 ounce range (which you can easily calculate by looking at total amount of currency in the world, in $, over and total amount of gold in the world, in ounces).

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