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

To: Bobby Yellin who wrote (2983)	11/8/1997 6:54:00 PM
From: John Barendrecht	Read Replies (2) \| Respond to of 116824

Bobby, you're right for every seller, there is a buyer. So someone is buying all this gold. Interestingly, the US central bank has never sold any gold - so much for them believing in the greenback. Their may be many countries, banks or people buying gold. Many have gone through currency crisis, devaluations, etc, in this century. They know that throughout history gold has always had value. The US dollar on the other hand has only been around for about a hundred years. Not long in the history of currency. I asked one of my oriental friends about the stability of the currency in his native land, and he said "No one holds any savings in that, it is all in US dollars or gold." When my sister went to Brazil, you could sell US dollars for 2 to 3 times the official exchange rate on the black market. In times of war or crisis, the only thing that can be used across borders is gold and silver. I've talked to my parents and their friends and if you wanted to buy things in WWII, then gold or silver were the currency of the day. One previous poster suggested cigarettes but know that many people grew their own. And besides, how many cartons would you need to equal one ounce of gold? One of my friends who flew for the Brits during WWII, delivered only rum and cigarettes to the troops. And with all these people (in North America) quitting smoking, I would not hold tobacco as a long term investment. I have some gold that has been in my family for over 100 years. Find this gold loan thing strange. You rent gold and then sell it and promise replace it some time in the future. Interesting, wonder how landlords would feel if the renters, sold they house and said "don't worry, I buy you another one someday". Would be great for cars on lease. I can picture a whole new way to make money! Re POG - Richard suggests contacting your congressperson but I believe you should vote with your dollars. Buy gold or gold mutual funds for your RRSP's. If they have an inflow of millions or billions, they have to buy something - gold or gold shares. The last thing you want is the government involved in anything! With all this talk of deflation, gold should shine soon!