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

To: long-gone who wrote (37029)	7/11/1999 11:25:00 PM
From: Hawkmoon	Respond to of 116770

Richard, Why are you always so belligerent towards me? As for my political beliefs, they're my business and I can believe what I want, based upon whatever logic makes sense to me. And another thing Richard.... where are you coming up with this belief that I'm a HUGE supporter of the IMF?? Why do you keep trying to pigeon hole me as some convenient sterotype that fits your limited perspective of the world?? Richard, I don't hate, or love, gold. But I do recognize that it competes in people's hearts and minds as a storehouse of value in addition to other assets. But what I do love is the fact that we have a strong economy because the American people believe they do. I believe far more in the psychological foundation of economics than on the statistical. We have a good economy because people believe we do. We have a strong dollar that is globally perceived as having value, because people believe it to be thus. I can handle the dollar losing value against another nation's currency when the economics justify it, but for it to be undermined by the panic-stricken, apocalyptic rantings of those for whom all that glitters is gold is a bit too much. So if the IMF sells gold with the permission of its members, so be it. If not, then I say return the gold to the members and let them decide individually what they want to do with it. A reserve asset is useless if it cannot be freely bought or sold in order to fulfill the goals of the particular CBs monetary policy. But the real point Richard, is that gold is destined to remain in a bear market unless there occurs a global catastrophe like war, natural disaster... etc. Now the CBs have control of so much gold they call the shots and only fools bet against their actions. And the Fed is exerting their legitimate control through leasing since they are forbidden from selling their gold. Gold is for times of global disasters as a last resort medium for exchanging goods and services. For that reason, I prefer to have the majority of it in the hands of private owners as jewelry or coins, but at far lower price (so I can buy more of it with less as a disaster hedge). And finally, the CBs have a vested interest in preserving the US economy, whether or not you call it a bubble. It is the sole engine of economic prosperity on this planet and should it fail, we all go under and tens to hundreds of millions of workers may find themselves unemployed as a result. It would be a far greater travesty for people to suddenly listen to all of their innermost fears and create an economic self-fulfilling prophecy that undermines the US economy. And the only "currency" that can compete with the dollar to create that uncertainty and fear at the moment is gold. So is there a "conspiracy" to pummel gold by the CBs?? Quite possibly. Just as they pummel the Yen to keep it from getting too strong and causing a recessionary relapse. And there could be a conspiracy to prop up the dollar and supercharge the US economy in order to permit other economies to recover sufficiently (which will take years). Either way, a low gold price is beneficial to maintaining global economic confidence. It prevents anyone from perceiving that inflation is a problem, thus creating an environment that permits global economic expansion at an accelerated rate. Now you can disagree with me if you like, and I have no illusions about ever convincing you of anything. But please stop cluttering this thread with your personal attacks.