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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Archie Meeties who wrote (41198)	6/22/2000 2:25:00 AM
From: Spekulatius	Read Replies (2) \| Respond to of 42523

Well, what did you expect? Bankers and politicians always want to keep continuity. Gold has been the primary value standard in the past until the gold standard became obsolete. But now, Gold is in my opinion nothing else than a precious metal with a pretty small consumption rate and a 100 years worth of consumption stored in the central bank treasuries. Would our financial system break down if the ounze of gold would fall to 100US$? I believe that nothing would happen, except for forcing the gold mining companies into bankrupty. In my opinion its even questionable that gold would be a save haven in inflationary times.It might be, because the gold standard thinking is still alive, but thew price of gold is balanced by politicians and speculators rather than the more rational market forces of producers and consumers.