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

To: Alan Whirlwind who wrote (64016)	2/19/2001 3:07:42 PM
From: Professor Dotcomm	Respond to of 116779

But were you able to exchange those USD back? One day perhaps. I dragged dear old EGMA back in my earlier post. This was the Emergency Gold Mining Assistance program when gold was fixed at $35 per ounce. It kept the venerable Canadian gold mines working (like Dome, Campbell Red Lake and Giant Yellowknife) until the Nixon administration faced reality. Who knows? Perhaps the Canadian Government may have to brush the dust off this old legislation if gold goes down to its commercial value of around $165-$190 per ounce. I believe the real problem is that many people who distrust measuring (or storing) wealth through unreliable paper issued by the going economic favorite flavor of the month (currently the US), cannot accept, today, the ages old solution of gold as the arbiter. As someone on this site mentioned in the last day or two, gold today - unlike the past - does not command the same materiality (measured by its proportion of potential GDP) as it once did. What should be its surrogate? Oil? Hydrogen? Fresh Water? Until we have a universally accepted world central bank, most will have to accept a paper currency of the dominant power and there is very little we can do about it. Gold? Not very trustworthy IMO - although I can see it trading at around $325 sometime this year. But it is not the long term answer.