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

To: E. Charters who wrote (88640)	8/9/2002 1:21:49 AM
From: RiceTrader	Read Replies (4) \| Respond to of 116766

I accept that gold's value as a thing does not change for one gram of gold is always equal to one gram of gold and the market determines what it is worth in relation to other things. But that being said, a controlled fiat money seems to work well as a short term medium of exchange. Fiat money outclasses gold as a medium of exchange as it is widely accepted by nearly everyone in many different forms. Its very hard to buy things with gold. Ultimately I want to purchase assets and services that interest me using my money that I earn. I can hardly imagine needing a few heavy lumps of gold metal bars to make me feel secure and happy. I can't eat gold, I can't live in it, it really is a useless lump of metal for me. Gold goes up in USD because it goes down in EUR. So why not skip the gold and just trade the Forex market? Gold is not really necessary any more as a medium of exchange. And, gold really isn't a very good store of value. Real estate title outclasses gold any day for that. This is just the view from my screen. /Ricetrader

To: E. Charters who wrote (88640)	8/9/2002 2:34:07 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 116766

EC, ...Gold's value as a thing does not change... Only if its value is defined in terms of itself. All economic values are subjective. Its exchange value is a combination of its value as a consumption good, its value as a production good and its monetary value, in modern economies limited to only its quasi-monetary function as a store of future purchasing power. The latter value is dominant and is dependent on the confidence that in the future it will remain used as a store of future purchasing power in an even more distant future. Regards, Don