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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (6852)	7/23/1999 6:35:00 PM
From: Scripts	Read Replies (1) \| Respond to of 81271

I don't expect that the central bankers do want to shoot themselves in the foot. I think they are more likely concerned that the gold they hold is falling so to speak. I do support the notion that gold has fallen over the last 2 decades or so because it is out of favor with many potential buyers at the moment and that the moment has now stretched to 20 years. Many people see it as conspiracy by the CB's to keep the price down and therefore to make paper money look good in comparison. If they were not holding tonnes of the metal the argument would seem a little more plausible.

To: Enigma who wrote (6852)	7/23/1999 6:55:00 PM
From: Eric Maggard	Respond to of 81271

IMO, I think that their fiat money and derivatives are more important to them and there is much more out there. So, if they need to pound gold into the ground to keep their fiat currencies afloat, what do they care loosing a couple of billion in gold value when there are trillions in paper? I agree that they would be stupid to sell gold and hurt themselves, that is why I think they are trying to protect something else... question is what? Eric One thing that I hate and is repeated ad nauseum is that there is no inflation. Wait till the mighty dollar falls.

To: Enigma who wrote (6852)	7/23/1999 8:45:00 PM
From: Crimson Ghost	Read Replies (2) \| Respond to of 81271

Double: Pardon the language, but you show your ignorance by casting doubt on the idea that at least some central bankers (and certainly many in the US financial establishment) want to drive gold into the pits. As proof I suggest you look at the writings of Bear Stearns Chief economist Wayne Angell -- a former member of the Fed. Wayne has had several article in the Wall Street Journal (usually after big gold dumps) these last few years arguing what a great thing this was for the US dollar and financial markets. He sees the gold price as a kind of reverse indicator of confidence in the greenback and the US in general. This sworn enemy of gold investors has long argued that gold should be drive down to a level whee only the most efficient producers can make a profit. A few years ago he was talking about $250; he has probably lowered his target since. Think about this. If gold goes so low that only the most efficient producers can profit, that implies the destruction of much of the industry. Again Angell has stated this objective in no uncertain terms. And there is little doubt that many (but far from all) in the US financial establishment agree BTW, Angell's best known disciple is Larry (king dollar) Kudlow.