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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (6456)	6/16/1999 11:04:00 AM
From: Hawkmoon	Read Replies (1) \| Respond to of 81987

Are we?? You're talking about gold as a reserve asset without defining WHY it is held as a reserve asset. I most certainly am not. It certainly isn't being held to back the US dollar. The dollar is no longer a demand note, convertible upon demand into gold. So it is not backing it. The Fed is just legally unable to sell it because of congressional opposition. So there it sits, collecting dust and being "leased" out for paper transactions. Those reserves were certainly accumulated during the period in our history when gold was the backing for paper currency (resulting in several tragic monetary and economic decision-making errors in favor of "hard currency" over economic growth) For me, Gold is nothing more than a myth-based commodity. I don't wear gold, generally thumb my nose at those who pretentiously display their gold jewelry, and certainly do not believe in wholesale subsidization of a economically marginal industrial sector. Regards, Ron