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To: Yogizuna who wrote (7876)	5/10/2001 8:38:13 PM
From: Hawkmoon	Read Replies (2) \| Respond to of 17683

when the precious yellow metal finally turns around for a sustained period of time. Indeed... But the question will also be what events cause that PYM to turn around. And what other asset classes stand to gain even more. Gold is the proxy of a previous financial system that existed before floating currency exchanges. It represents a period before SWIFT and FOREX, when financial storehouses of value were relatively illiquid and the rule of law, and the enforceability of such international covenants were fraught with uncertainty. Thus, gold acted as the medium of international exchange. It has little place in the current system, where currencies are properly valued based upon the inherent, or perceived, economic strength, and financial safety of the nation issuing it. And in fact, gold's existence is a threat to financial markets, because it represents that "old" system which so many seem unable to let go of. Imo, the presence of gold as a currency undermines the mutual interest trading nations have in maintaining financially sound economic policies, or laws that respect the rights of property owners. Gold is effectively a tool, by which those with an interest in destroying the concept of free trade, legal propery rights, intertwined economies, and the spread of democratic principles which rest upon all of the above. Thus, if gold suddenly finds favor, it means that everything we have built economically is about to face tremendous damage, if not destruction, that will negatively impact the lives of billions. It never fails to amaze me how difficult it is for people to understand that a sound economy is the best measure of the currency which represents it. Gold is nothing more than an a "get rich quick" economic charade, where poor nations can suddenly dicover the "mother lode" and avoid building the solid foundations that a strong economy must stand upon. Kinda like Arab kingdoms discovering oil, netting instaneous wealth that often hinders the development of a broader economic base. And yes... I know that I'm going to catch plenty of flak here... so let me get my kevlar vest on... and I'll just hope you aim for center mass. Hawk