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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.59

+2.2%

Dec 26 4:00 PM EST

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To: Giraffe who wrote (28119)	2/12/1999 7:16:00 PM
From: Bob Dobbs	Read Replies (1) of 116830

This article has several errors in it. First the real (inflation adjusted) long term average gold price since the 1500's is NOT $280/oz in 1998 dollars it's closer to $600/oz! You can find these figures in Roy Jastram's book as well as in Martin Armstrong's site. Secondly, gold is not a commodity; it is money. (Silver is different; presently it acts more like a commodity.) Only 1-2% of annual gold production is used in industrial applications. Gold's primary consumption is for monetary jewelry and bars. As such it is in direct competition with fiat currency as a store of wealth. Gold does revert to its mean real value over time. Jastram's book demonstrates that. FIAT CURRENCIES THROUGHOUT HISTORY HAVE ALL GONE THE WAY OF THE DODO BIRD! Bob

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