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

To: lorne who wrote (53119)	5/22/2000 2:25:00 PM
From: LLCF	Read Replies (2) \| Respond to of 116762

< Think you said at some point that we can't use gold as a backing for the dollar cuz not enough to go round> That doesn't make any sense to me... if announced gold would go to 1000 and we'd have plenty. DAK

To: lorne who wrote (53119)	5/22/2000 2:39:00 PM
From: Hawkmoon	Read Replies (4) \| Respond to of 116762

Which currency would/could replace the US$? I thought the Euro was supposed to do that. But assuming that there was an economic collapse in the US, wouldn't you rather have a bunch of CHEAP gold in YOUR pockets instead of in Ft. Knox? Isn't the prospect of a nation's citizenry opting to conduct commerce by the use of gold a major incentive to maintain conservative economic policies by politicians? Isn't the result of the depression and the radical govt deficit spending stimulus that followed as a result of Roosevelt's "new deal" the reason that gold was confiscated in the first place and put in Ft. Knox. Money is nothing more than a medium of exchange, the value of which is decided by the global marketplace. That marketplace has done a pretty good job of rewarding those nations whose economic policies have favored investors and economic growth. Those nations who lack such confidence have seen their currencies weakened. Since there isn't enough gold to fully back the available paper currency that has been issued I see little rationale in keeping gold as a "reserve currency". I mean face some facts here... the US can't sell gold except by act of congress, so I really don't see what good our gold reserves actually serve. Were the dollar to collapse, exactly how would all of that gold in Ft. Knox resolve the problem? Regards, Ron