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

To: IngotWeTrust who wrote (51813)	4/21/2000 2:45:00 PM
From: Rarebird	Read Replies (3) \| Respond to of 116972

Ole 49r, I enjoy reading your posts and hearing about your successful entrepreneurial endeavors. But I think your being much to sensitive here. In a way, I don't blame you: You are a gold bug and the CB's are firing all their ammunition at the gold market and your values. You do know, of course, where their allegiance lies. The CB's are acting like the new economy is the greatest productive miracle on earth ( HA HA!), financial derivatives are the generally benign stabilizers that their promoters claim, and the gold price is as sensitive as ever to monetary debasement. In the process the CB's have put themselves in the same position as their predecessors in 1927-29. Speculative imbalances, fed by outrageous excessive credit creation and abetted by dubious financial hedging strategies, are allowed to grow. At the same time, the gold market -- with British manipulation is_____( I'll let Richard fill in the blank again for the umpteenth time). But what is different this time is that the gold standard cannot be made the scapegoat for the Fed's errors. Domestically, of course, the CB's want us to believe that the currency is no longer tied to gold. Going off the gold standard was supposed to give the central bank greater flexibility in managing the nation's money supply. Instead, the end result has been to undercut not just its ability to regulate money and credit but also the very foundation of the banking system itself. Banking depends on a workable distinction between money and credit. Without it, the Fed cannot control the growth of the broad monetary and credit aggregates, and banks no longer possess a unique franchise separate and distinct from other financial intermediaries. I'm not sure how long this game can go on. But I do know the resolution takes the form of a sharpely higher gold price.