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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Cogito Ergo Sum who wrote (23986)	11/13/2003 8:47:47 PM
From: Tommaso	Read Replies (2) \| Respond to of 39344

I have a good deal of hedging in place for the dollar decline against other currencies (mostly via Tice's PSAFX). After all, if the d9ollar "declines" what does it decline against? But I have no strong confidence in any fiat currency, and that meams ALL currencies now. I think I have to restudy these things every day. Currency markets are the riskiest of all markets because of the political risk. At any moment any government can declare its currency not convertible into any other currency. I learned that real quick many years ago when I need some British money for a trip and found I could not exchange my French Francs for pounds in Paris. It was strictly illegal. And you were not even supposed to carry French francs out of the country, and my income at the time was in French francs. So I folded up a bunch of very large bills into very small rolls and hid them in my shoes. Of course, no one grabbed me as I left France. But it is within the power of any government at any time to put such controls back into place.