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To: Ilaine who wrote (87444)	3/29/2001 11:16:05 AM
From: Earlie	Read Replies (1) \| Respond to of 436258

CB: I am aware of and agree with your assessment on all fronts, except for one point. Throughout history, when money printing has become excessive, gold has always lost the battles but won the wars. One has to dig very deeply into economic history to find a more insane money printing environment than what we have today, so I will continue to allocate a modest portion of my free cash to the acquisition of cheap "currency insurance" known as junior gold stocks. It is less expensive than the cost to insure anything else in my life and I get to keep the premium in any event. In a way, I actually appreciate the Fed's gold-related activities. Thanks to the Fed, and also thanks to the generalized belief that gold has no future, I can buy levered gold-in-the-ground for a couple of bucks per ounce. If things don't unravel, well it was insurance. if things do unravel, my currency losses are minimized even as the vast majority take a kick in the teeth. One final note. The global short positions in gold are at historic highs and the "paper gold" in circulation exceeds the available real stuff by orders of magnitude. Again, history is on my side, as it has been a rare event indeed for such situations to end in other than a bang. And if GATA's efforts move the day of reckoning forward a bit, I won't be unhappy as the modest insurance policy could turn into a bonanza. Best, Earlie