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

To: Zeev Hed who wrote (36484)	7/4/1999 10:43:00 AM
From: DoubleOddBuck	Read Replies (1) \| Respond to of 116759

Zeev, Martin A. Armstrong was quoted recently " ..With Gold closing within 40 cents of its 19 year low, one can hardly make the case that gold will prove to be a buying opportunity. We still see gold falling to slightly BELOW $200 on the London spot market before there is even a hint of a bottom coming in place. When gold drops below $200 and Silver under $3, then the global trend may begin to change..but not before!" What do you think of that ?

To: Zeev Hed who wrote (36484)	7/4/1999 11:14:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116759

I think the question of gold backed currencies is academic today - unless there was a crisis of unimaginable proportions and gold conversion was required to restore confidence. However there seems to be much confusion on this thread regarding gold as an official reserve (which it is for most countries) and gold as a convertible asset (which it isn't for all countries - thought I'm not sure about Lebanon). Gold plays such a huge part in the official reserves of most nations that to dump it, as some argue, is just not a sensible option. For the U.S. it is such an important reserve asset that it requires an Act of Congress for any to be sold!! Some also can't distinguish between a 'strategic asset' eg. oil, platinum, natural gas, wheat, copper? etc., and a 'reserve asset' which is held by a central bank. d