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

To: Hawkmoon who wrote (37960)	8/5/1999 6:21:00 PM
From: Mark Bartlett	Read Replies (2) \| Respond to of 116762

To: Ron Reece From: Mark Bartlett Thursday, Aug 5 1999 6:15PM EST -Preview- Ron, Sorry for the long delay in responding - nothing that a new motherboard hasn't cured. <<Mark, the global economy IS IN A REAL MESS, in case you haven't been reading the news lately.... >> I can not disagree with your comments - because I said the same thing (to you) about 6 weeks ago. I do however not agree with your comments regarding gold. You are still stuck on the pure "gold reserve" bent - IMO gold is still viewed as a currency by a significant % of people throughout the world, including N/A and will continued to be viewed as the safe haven, not only in time of "catastrophe" but in time of currency instability too. <<That is why the Federal Reserve was created, to regulate, and enforce transparency in banking transactions and liquidity, as well as acting as the lender of last resort to these institutions.>> As far as the banking system's transparency is concerned, there is more to the stability of a monetary system, than a bank's transparency. The lack of transparency that exists in many hedge funds, remains a source of continued uncertainty - and there appears to be no desire among the power elite to change that. <<Gold should be sold off so that it finds a market equilibrium. As a result, individuals can accumulate that gold as a hedge against some absolutely catastrophic event that completely undermines or destroys their govt (as well as every other out there, unlikely as that sounds). >> But are the CB's so certain that they will longer need the safety that gold could provide, at a time such as you describe? IMO I do believe that is the case. If it were, they would have dumped all of their gold long ago. Further, what % is gold of the average reserves of most CBs - not that significant of a %. As has been pointed out, the sentiment about gold that has been carefully crafted over the last 2 years, has done more to undermine the value of this asset than anything else. And I remain far from convinced that this is a chance happening. <<Integrity in finances comes from having the appropriate regulatory monitoring policies in place that bring transparency to banking transactions,>> That's the problem - humans with special interests are the architects of such systems, and as long as that is the case, there will never be a system that has the required integrity - hence the need for the asset of last resort - GOLD Best to you, MB