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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.87

+3.6%

Dec 11 4:00 PM EST

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To: J.L. Turner who wrote (33527)	5/10/1999 9:56:00 PM
From: PaulM	Read Replies (2) of 116814

"only the USA having 50% or more of [gold] reserves..." The dollar is second to none in terms of global acceptance of fiat currencies. The U.S. naturally holds less marks, yen etc. than, for example, the Germans and Japanese hold dollars. Gold is therefore high percentage of what (little) exchange reserves the U.S. has. Interestingly, I read a while back that as of two years or so ago the country with the largest foreign exchange reserves was little Hong Kong. Should the dollar's reserve currency status weaken, the Fed's/Treasury's ability to defend the dollar would be limited.

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