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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (631)	8/13/1998 10:15:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 1722

Fleckenstein on Gold, Central Banks, and Currencies. All that glitters... Speaking of gold, an interesting story crossed the tape today. The Polish Central Bank bumped its holding of gold from 910,000 ounces to 3.3 millions ounces. Turns out that the Polish Zloty has been one of the strongest currencies around the world, except for the dollar. Now if that idea were to ever catch on, and foreign banks ever decided that they needed to own a little gold to preserve their currency, that would change the state of affairs dramatically. After all, central banks have been puking up gold for the last 10 years. If they ever started buying it, gold would surely jump. So we will have to monitor that situation.