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

To: teevee who wrote (65825)	3/15/2001 1:56:47 PM
From: The Vet	Read Replies (1) \| Respond to of 116925

Teevee, you are making a common mistake with this statement "those in third world countries who hold gold likely have to sell it in order to buy groceries" of assuming that relative currency exchange values are in some way related to purchasing power of those currencies in their own countries. The domestic purchasing power of the SA rand for example is far greater than the domestic purchasing power of the US dollar. Even the purchasing power of the Canadian dollar is better than the US dollar for many common commodities.

To: teevee who wrote (65825)	3/15/2001 2:21:01 PM
From: Edmund Lee	Respond to of 116925

You have looked at things the way most American do(I presume you are one) Your choice of US$ have many set back. (1) US$ is paper and not durable, it can not stand fire, rain, insect bite. (which is common in 3rd world countries) (2) People do not have the knowledge or skill to identify US$ counterfeits which is also common in 3rd world countries. Thanks to technology, you almost could print money at home now. (No one can counterfeit gold) (3)Gold could be worn on as jewellery in peace time. (Try to wear some green back on your neck and walk around town) (4)Gold is for emergency, people keep gold not for daily neccessities. One example, during Vietnam exodus, a lot of people found their way to freedom by sea. Those who pay gold stay on upper deck and Greenbacks below. (5)Gold have no interest payment. Who cares, there isn't much bank around anyway. Besides bank could be the most dangeroud place in riot or war. I myself hold less than 10 oz. because I live in Canada.