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

To: Dwight Taylor who wrote (6426)	1/21/1998 4:01:00 PM
From: paul ross	Respond to of 116871

FCX senior debt rating lowered- biz.yahoo.com

To: Dwight Taylor who wrote (6426)	1/21/1998 6:42:00 PM
From: Mark Bartlett	Respond to of 116871

Ben, There is a book that I have called "The World of Gold" by Timothy Green. There is a chapter entitled "Central Banks: The New Producers". I read it some time ago, but I am going to go back and refresh my mind. One thing that jumped out at me as I had a quick skim, and something that had not occured to me is the reason the US will never (at least in the near future) sell their gold - clearly it would underminer thier $ as the world's present rerserve currency. So - there is one large supply of gold that will very likely remain where it is. I suspect that this would apply also to the UK also. Timothy Green also points out, that if all of the European countries sold their reserves down to 15-18 of their reserves (about where England is now, I beleive), it would only bring a maximum of 8-10 thousand of gold onto the market between 1993 and 2000. In his estimation, it would be more like 4-5 thousand tons. It is interesting to note that Frank Veneroso's estimate of the short position _was 8000 tons - although I understand from Ole'49 this has been upped to ~14,500 tons. I still believe that this process is one of gold redistribution .... with a final goal of going back to the gold standard. Time will tell .... take care, MB