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To: mishedlo who wrote (76688)3/22/2008 10:47:07 AM
From: blazenzim  Read Replies (1) | Respond to of 116555
 
One cannot explain its price by any other way than money. It has tremendously small industrial component.

It acts like money ... it is money.


Wheat is quoted in terms of money but that doesn't make it money. The percentage of gold used in industry isn't relevant to its status as money. 70% of annual gold production is used for jewelry.

I know this is a board of goldbugs who don't want to hear what I'm saying, but I'm right.

Gold isn't money today. It might become money again sometime in the future. I hope it does.