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Gold/Mining/Energy : Gold Price Monitor
GDXJ 120.00+2.0%Dec 22 4:00 PM EST
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To: James F. Hopkins who wrote (12783)6/9/1998 3:44:00 PM
From: Henry Volquardsen  Read Replies (2) of 116822
 
James,

Regarding your guess as to the black market dealing in the dollar. I saw some analysis two or three years ago saying that of the total printed currency, by value, the Fed could only account for roughly 5% as actually being in circulation inside the United States. The rest was thought to be outside the US either in the hands of drug dealers, black marketeers, or as a parallel currency. In many parts of the world the locals would 'overpay' for dollars so they could keep as a store of wealth that would be safe from the depredations of their own government. I was once told that their countries where $100 bills sell at a 10% premium because they require less storage than 10s and 20s.

Henry
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