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

To: Follies who wrote (87319)	6/25/2002 12:54:30 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 116984

Up until 1934, the official gold price was set at $US 20.67. From 1934 until 1971, the "official" price was $US 35.00. At the time homestake ran up, 1930-35 it was illegal to own gold bullion but the government encouraged gold ownership through coins so the real price of gold was much higher. So the governemnt had a lot to do with Homestakes success. Now a days, the CBs get accused of trying to keep the price of gold down. A different strategy. The magnitude of these current bubbles is what is scary. First the Y2K bubble and Nasdaq crash and now the real estate bubble. The diffence is that the '29 crash in the stock market pretty much coinsided with the roaring 20's real estate bust...and there was a whopper of a bust in places like Florida. All in all however, the similarities suggest the magnitude of deflation could get pretty nasty.

To: Follies who wrote (87319)	6/25/2002 2:50:28 PM
From: goldsheet	Read Replies (3) \| Respond to of 116984

>Gold was pegged until Richard Nixon floated the dollar in 78? August 15, 1971, President Nixon suspends international gold convertibility of the US dollar (i.e. the "gold window") > Of course during the time it was pegged it went from $28 to $36 /oz (someone else can verify the numbers). Par Value Modification Act, PL 92-268, 3/31/72, $ 38.00 effective 05/08/72 Par Value Modification Act, PL 93-110, 9/21/73, $ 42.22 effective 10/18/73. Also, permitted private citizens to hold gold when the President found it would not adversely affect US international monetary position. Here's my monetary history dates: goldsheetlinks.com