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

To: Enigma who wrote (36358)	7/2/1999 4:01:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116759

I see you published my PM to you! Well, one breach of etiquette deserves another - so here was my reply: Well, you promised me something in private and I wanted witnesses... <VBG> And then you broke your promise not to post to me by again reiterating your non-sensical argument that gold should never be sold, and that sitting in a vault at the Federal Reserve, in a non-saleable/non-exchangable status, still constitutes it being qualified to be a "reserve asset". And my response via PM was the following: To: DoubleD (who wrote...) From: Ron Reece Friday, Jul 2 1999 3:41PM ET I've been saying this all along!!!!.But even though it is not convertible it is nevertheless a reserve asset - get it???? Nope, I don't. It's like saying your home is collateral, but the bank never being granted the ability to sell it should you default on your loan. Or it's like cash sitting in the bank but you're not permitted to spend it or sign it over to someone else. Gold sitting in a vault serving no purpose except to take up space and being labeled "reserve asset" is stupid. What exactly is the purpose of reserves in the first place DD?? Think about what reserves are used for, either in a financial or military environment. Then get back to me (even though you said you weren't going to respond to me again... :0) Regards, Ron ************ Please note all.. that DoubleD seems unwilling to define the term "reserves" or his perception of what reserves actually are or why they are accumulated. Reserves are accumulated in anticipation that they may have to be used. Armies keep troops in reserve in order to counter-attack in a decisive time and moment to stem the enemy attack. Banks keep reserves in case depositors suddenly start withdrawing money from their accounts. Central Banks maintain reserves in case they have to defend and support their currencies. Since gold can't be sold by the Federal Reserve, that asset is USELESS as a reserve asset. It can not be bought or sold in order to defend their currencies. The Fed can seek to either weaken or strengthen the dollar by buying more gold, but then it can't turn around and re-sell it when it needs to. Once bought, it forever is relegated to being leased to speculators who have to act at surrogates to the Federal Reserve in the marketplace (since the Fed assumes that leased gold will likely be sold by the specs). Btw, no need to respond.... <VBG> Regards, Ron

To: Enigma who wrote (36358)	7/2/1999 4:23:00 PM
From: Zardoz	Read Replies (2) \| Respond to of 116759

Now Hutch - how many times have you said you don't want to hear from me? Many, and rightly so. It can be seen that you dance in the dark: Read the reply to this, and answer: #reply-10351044 Do you really figure that you said ANYTHING. You had a clear opportunity to enlighten us all. But like so many post, you fell short. I'm long gold for a reason, and Japan is fighting me. When they loose, and they will, I'll make MUCH more then what I have. Hutch. Always happy to post on any subject to anyone. Offer free unbiased advice. Save many millions from getting sucked into the gold panacea for the wrong reasons, timing, and motives. PS: Among your many failings of observation is your inability to read what I've been trying to drum into your thick skull: Back at you.