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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (35736)	6/23/1999 12:10:00 PM
From: CIMA	Read Replies (1) \| Respond to of 116766

Gold bugs still getting squished By Paul E. Erdman, CBS MarketWatch Last Update: 12:33 PM ET Jun 22, 1999 StockWatch SAN FRANCISCO (CBS.MW) -- Gold. One problem with discussing gold is that it seems to bring out the worst in people. Either they hate it - regard it as a "sterile" investment that does nothing to benefit society, or they see gold as a panacea which will solve all of mankind's problems provided we return to a "gold standard." More Erdman: Y2K chickens Inflation? Deflation? Russia's worries Fed Y2K bug China's check up Balkans and China Europe like Japan? Fiasco at State Japan's great risk Summers time Productivity surge Switzerland's view Costs of Kosovo China and Wall St. Hong Kong's clout China's eco-issues The 'new' China China ascending NATO & Kosovo Europe degrades A look at oil sector Risks of Kosovo Japan recovery Euro-scandals German centrism The 'coffee effect' A tale of two ladies It is left unsaid that a return to gold might have also solved a lot of the gold-bug's personal problems if, during the past decade, a new dollar link with gold had been established at, say, $500 an ounce, or even $300. All one can say to them today is: Dream on. But it will never happen. Last Friday at the gold fixing in London the price was set at $258.95 an ounce, down 10 percent in a matter of five weeks and at its lowest level since 1979.. Why? Because gold is being demonetized and the process is irreversible. The stark facts bear this out. The Bank of England is going to sell 415 tons of gold, or more than half of its gold reserves. This means that England, which invented the gold standard in the 19th century, is now getting out of the gold business. Switzerland, traditionally a nation of gold bugs, is doing the same. In April the Swiss voted to sever the official link between gold and the Swiss franc. The Swiss National Bank intends to dump 500 of its 1,300 tons of gold to finance its "Solidarity Fund.", with the rest to follow later. According to the President of Switzerland's central bank: "Gold is no longer of any monetary importance." London closing gold fix for past three months. The International Monetary Fund plans to sell between five and ten million ounces of gold to relieve the debt burdens of the world's poorest nations. In this it has the full support of France, Germany and Japan - the remaining key holders of gold as part of their monetary reserves. So now gold is just another commodity. As is silver. Its price dropped below $5 an ounce last week, no doubt affected by what was happening to gold prices. From now on, the prices of these metals which used to be set by edicts of Britain's Chancellor of the Exchequer or the President of the United States will be set by traders in the pits of the futures markets in Chicago or New York. How the mighty metals have fallen. Economist and author Paul E. Erdman is a columnist for CBS MarketWatch.

To: long-gone who wrote (35736)	6/24/1999 2:55:00 AM
From: James F. Hopkins	Read Replies (3) \| Respond to of 116766

Richard; RE> More than two-thirds of the American people support the idea of a global tax on foreign currency exchange, and a whopping 79 percent want a global tax on carbon. These numbers were collected by the ATI Foundation, and reported by the Washington-based Commission to Fund the United Nations. << ----------- Not sure the numbers are right, in a way I wish they were, I'm one of the architects of a tax on currency swaps. I'll explain latter, but the cartel that is now making all the currency swaps is already doing what every one seems so scared of, they just don't leave their finger prints for people to see. The tax would also be used ( half of it going to the country whose currency is being sold or shorted )as a way to stabilize and limit the profit the money monkeys make when manipulating currecncy . As it is now the Money Monkey Fraternity uses a hegemonical system to make or break any country in the world, and currency swaps are their chief tool. Tax on the fiat currency swaps would at least limit their power. Unlike most gold bugs, I want ALL Governments out of the GOLD business and ALL central Bankers out of it too. I know a gold Standard does not go hand in hand with a market economy, nor can you ever trust any Government to be beyond the reach of corruption. All a gold standard does is let the Governments set the price of gold. They should not be allowed to sell it either, but they need to dispose of it, let them GIVE the gold to their own people, as the bottom line is that's who they stole it from. Then pass a law that prevents them from getting back into the GOLD price fixing business, as that's all a gold standard really amounts to. Governments don't need to have a gold reserve, it gives them to much power over your life. If they can't support a fiat currency on good faith then let them die, and replace em with one that can, it's the best way in the world to get rid of over bearing and out of control Governments with out having to go to war or have a revolution. AS long as they stay in the Gold business we will all continue to be slaves and or Subjects instead of citizens. ----- Tax the money swaps ! half to the country whose currency is being sold.., split the rest to the IMF, and UN.. don't worry your already paying for them via taxes, let the ones who benefit from these Yen carry trade scams pay the taxes.