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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: dfloydr who wrote (75391)	10/3/2000 9:31:59 AM
From: SliderOnTheBlack	Respond to of 95453

...one last pre-market O/T on Gold: PS: D. Floyd; if you think Gold has not had suprelative returns and many of them, over a long period of history; re-read the post on DROOY and the returns of Gold Mining Stocks in just the last 20 years. The problem is that Gold moves in broader cycles -lately in 7 year moves. Why Gold ? "Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights." Alan Greenspan "Although gold and silver are not by nature money, money is by nature gold and silver." Karl Marx "The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice." Henry Hazlitt "By common consent of the nations, gold and silver are the only true measure of value. They are the necessary regulators of trade. I have myself no more doubt that these metals were prepared by the Almighty for this very purpose, than I have that iron and coal were prepared for the purposes in which they are being used." Hugh McCulloch "Like Liberty, gold never stays where it is undervalued." J.S. Morrill "The modern mind dislikes gold because it blurts out unpleasant truths." Joseph Schumpeter "The tongue hath no force when gold speaketh." Guazzo "You have to choose [as a voter] between trusting to the natural stability of gold and the natural stability and intelligence of the members of the government. And with due respect to these gentlemen, I advise you, as long as the capitalist system lasts, to vote for gold." George Bernard Shaw "Gold was not selected arbitrarily by governments to be the monetary standard. Gold had developed for many centuries on the free market as the best money; as the commodity providing the most stable and desirable monetary medium." Murray N. Rothbard "Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort." Antony C. Sutton "Gold bears the confidence of the world's millions, who value it far above the promises of politicians, far above the unbacked paper issued by governments as money substitutes. It has been that way through all recorded history. There is no reason to believe it will lose the confidence of people in the future." Oakley R. Bramble "Even during the period when Rome lost much of her ancient prestige, an Indian traveler observed that trade all over the world was operated with the aid of Roman gold coins which were accepted and admired everywhere." Paul Einzig "The international monetary order is more precarious by far today than it was in 1929. Then, gold was international money, incorruptible, unmanageable, and unchangeable. Today, the U.S. dollar serves as the international medium of exchange, managed by Washington politicians and Federal Reserve officials, manipulated from day to day, and serving political goals and ambitions. This difference alone sounds the alarm to all perceptive observers." Hans F. Sennholz "Nothing beats a little cash in a bear market, of course, and the oldest form of cash is gold." James Grant "How rare is gold? If you could gather together all the gold mined in recorded history, melt it down, and pour it into one giant cube, it would measure only about eighteen yards across! That's all the gold owned by every government on earth, plus all the gold in private hands, all the gold in rings, necklaces, chains, and gold art. That's all the gold used in tooth fillings, in electronics, in coins and bars. It's everything that exists above ground now, or since man learned to extract the metal from the earth. All of it can fit into one block the size of a single house. It would weigh about 91,000 tons - less than the amount of steel made around the world in an hour. That's rare." Daniel M. Kehrer