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

To: d:oug who wrote (91295)	11/18/2002 2:23:04 AM
From: goldsheet	Read Replies (1) \| Respond to of 116753

> that will supply the gold in the next years after another five or so years pass that drain out existing mines. Current gold reserves are good for ten (10) years at current production rates, even more years if production declines. Meanwhile, there is an equal amount of gold resources which become more viable as gold prices rise. If you want to learn more about Russia: bisnis.doc.gov "The reserves of gold in Western Russia are almost exhausted. But in Eastern Russia (Eastern Siberia and the RFE) there are at least 5 deposits with estimated reserves of over 300 tons, as well as a number of 100-300 ton deposits." Note: 300mt = 9,645,225 ounces

To: d:oug who wrote (91295)	11/18/2002 7:08:28 AM
From: Bill Jackson	Read Replies (1) \| Respond to of 116753

Doug, Not so fast, they need US $ or other hard currency and they will not stockpile gold if they can sell it to get more hard $$. As for fiat currency. There is no need for any backing for a currency. It is in effect a barter enabling medium of exchange. All the US needs to do is only print enough to enable the workers to get payment for their labour. Print too much = inflation. If it was gold backed and you print too much then you can run out of gold and a black market in gold occurs, as happened in India before the freed their gold controls. Bill