Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Hawkmoon who wrote (37403)	7/20/1999 3:56:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116790

Ron, Guess what site this came from: "Indeed, there can be no other criterion, no other standard than gold. Yes, gold, which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciaryvalue par excellence. Charles de Gaulle" search.ny.frb.org but in fairness down in the document it says: "The gold bullion in the Federal Reserve Bank of New York's vault is part of the monetary reserves of foreign governments, central banks, and official international organizations around the world. It is largely a relic of an era when the gold standard and gold exchange standard were used to establish the relative values of national currencies, and gold itself was used to meet international payments." but note, it does say "largely". cheers. rh ps All, note: "In the middle of 1997, the Fed's vault contained roughly 269 million troy ounces of gold (1 troy oz. is 1.1 times as heavy as the avoirdupois ounce, with which we are more familiar), representing 25 to 30 percent of the world's official monetary gold reserves. " Wonder how much is left? I do. btw it also says "Regardless of its past, gold often exemplifies well- being, excellence, and wealth. And because of its widespread acceptability, it also functions as a medium of exchange, particularly in areas where currencies are distrusted. Once referred to by John Maynard Keynes as a "barbarous relic" and by Johann Christoph Friedrich von Schiller as "almighty," this precious metal has aroused great passion. It undoubtedly will continue to do so long into the future." search.ny.frb.org no wonder our debates become "heated"?

To: Hawkmoon who wrote (37403)	7/20/1999 8:49:00 PM
From: Daniel Chisholm	Read Replies (3) \| Respond to of 116790

Hi Ron, There has to be slight inflation in an economy since that is indicative of growth and monetary policy can be adjusted to deal with it. Inflation can be bad, but NO INFLATION is just a terrible for the economy. Why do you say that "no inflation" would be terrible? FWIW, I understand "no inflation" to mean that the currency unit maintains its value over time (i.e., neither depreciates nor appreciates) -- I explicitly state this because it seems to me that "inflation" and "deflation" are the most fuzzily used and misunderstood terms today, and I want no part of talking at cross purposes! And yes, I understand that the notion of "maintaining value over time" is slippery at best and perhaps even an impossibility to understand or define. What good do you see this "slight inflation" accomplishing? Force people to participate (i.e., gotta earn at least T-Bill rates to break even) in the economy even if they might otherwise prefer to simply sit on the sidelines? One traditional attribute of money is that it be a "store of value", what do you see being accomplished by (moderately) compromising this? Skeptical, but still trying to keep an open mind and learn more... - Daniel