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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Henry Volquardsen who wrote (8162)1/15/1998 12:02:00 PM
From: Jim  Read Replies (1) of 20681
 
Henry,

In a nutshell, the article gives two individuals differing opinions
on the subject. The two opinions were from Lawrence Kudlow and Anna
J. Schwartz.

The main points of Kudlow:

1. Gold is the best measure of monetary value, rising and falling according
to expectations of future inflation.

2. With inflation now near zero, the decision by central banks to dump
gold is a rational one.

3. Last year gold was a better predictor of inflation than nearly all
other indicators.

To which Schwartz countered:

1. The price of gold used to signal future inflation, but now gold is just
a commodity, like any other.

2. Central banks are dumping gold because they can achieve price stability
without it.

3. Investors don't need gold to hedge against inflation; derivatives
work just as well.

Thanks for your response to my post. From your thoughts I guess
you would be leaning more towards the opinion of Schwartz then.

Jim
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