Bill,
What happened to the alledged 8,000-14,000 tonne short position?
Btw, as I've stated before in other posts, what prevents the CB's from all getting together and selling off their gold to bail these "highly leveraged institutions" out.
Or better yet, do as Al Gore suggested at the World Economic Conference, and have the IMF sell off their $30 billion in gold reserves so that money can be reinvested in assisting developing countries with their economic recoveries.
Aside from the argument you have about how prudent it is to have a gold-backed currency, isn't it still evident that the CB's have some very heavy hammers left in their inventory for pounding down the price of gold?
As I've said, a rising price for gold threatens the current financial system. The CB's will do anything to protect that system.
After all, what have they got to lose by doing so??
Regards,
Ron |
