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Gold/Mining/Energy : Gold Price Monitor

GDXJ 136.03

+6.2%

4:00 PM EST

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To: Abner Hosmer who wrote (12654)	6/6/1998 12:48:00 AM
From: philv	Read Replies (2) of 116895

Canada's reserves down $1.22 billion in May ...................................................................... That's the header on a short article in the Globe & Mail, June 4th. "International" reserves stood at 20.56 billion. Of that figure, 17.24 billion is in U.S. dollars, 493 million in other foreign currencies, 1.05 billion in special drawing rights, 1.63 billion in a reserve position with the IMF and a grand total of 144 million dollars in gold. Out of 20 billion dollars, gold accounts for only 144 million. Or only about 1/2 of 1% of foreign reserves is gold. Looks to me like Canada has tied herself to the US, obviously concluding she doesn't need any gold; US dollars are good enough. Canada will sink or swim with the U.S., and apparently has no ambition of maintaining an independent monetary policy. The US dollar is apparently better than gold. Perhaps the thinking goes something like this. "The US dollar is "heavily" backed by gold. We will sell our gold and rely on the US dollar instead." So far so good. Time will tell of this policy is wise or foolish. Comments? Phil

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