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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Ron Struthers who wrote (32997)6/15/1998 4:21:00 PM
From: Zeev Hed  Read Replies (1) of 35569
 
Ron, I think you are fooling yourself and your readers with the assumption that the old days of gold as the currency of last resort are coming back. Gold as a reserve is a straight jacket om the world's economy. Having it as such a reserve would imply constant inflation since it will limit the world economic growth to the growth of gold mined. I think that the central banks have recognized this quite some time ago, and keep it a secret from the public so as to not create a sudden rush to the doors.

Gold future, IMHO will gradually revert to its commercial value, and in few generations its allure as a currency of last resort will disappear as well. It has been three thousands years since we prayed to the golden calf, maybe it is time for the world to grow out of this fascination with gold as a currency of last resort.

Zeev
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