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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

4:00 PM EST

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To: Ironyman who wrote (29496)	3/7/1999 2:40:00 PM
From: Hawkmoon	Read Replies (2) of 116764

The whole game will come to an end when one currency decides to back with gold or a successful complete CNC sewing system is constructed. Eric, One currency is backed by 30% gold. The Euro. It has been in decline against the Dollar since the middle of January (8%). So much for the perceived value of gold as a backing. I would suggest that the reason the dollar is so strong has been the US economic prowess and growth. We (and I believe I'm safe in saying) have the only economy that continues to grow. It is that growth, and the current confidence that we will continue to grow technologically and economically, that truly underlies the strength of the dollar. Asia and Europe possess structural inefficiencies in their economies, particularly in regard to labor policies and massive gov't subsidization of industry. Until these are resolved they have little choice to devalue their currencies (or permit them to slide against the dollar) as a means of compensating for their lack of corporate profitability. Btw, has anyone ever pondered the politico-military repercussions of a gold standard throughout history?? I mean, why did the Spanish venture to colonize the Americas in the first place, if not in the pursuit of precious metals?? The role of gold and silver in the creation of large colonial empires might make for an interesting study. Those nations able to control the greatest percentage of gold deposits were the ones that directly prospered since they were able to grow their money supplies with less inflation based upon their available gold reserves. But on the downside, hundreds of millions of people were subjugated and provincialized in the pursuit of gold. Kinda makes you wonder if all the lives and wars over precious metals was ultimately worth it? Fiat money takes into account a nation's overall economic strength as a gauge of its currency's worth rather than some shiny metal dug from the ground. Regards, Ron

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