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

To: Zardoz who wrote (22786)	11/9/1998 7:26:00 PM
From: marcos	Read Replies (2) \| Respond to of 116779

No, Hutch - it's the fact that our glorious leaders are putting all their faith in paper. And somebody else's paper, at that. So they 'made a gain' of 19mil; fin.gc.ca ... or such they call it. They could have 'made' the same gain just by marking it to market. Anyway, line it up against the foreign currency debt of 458mil and it doesn't look so hot. Or against 'Official Government Operations' [rofl] at 140mil. Think what an influence they could have on mining by reversing this stupid policy and starting to build real reserves again. This country was two years ago well on the way to being the planetary centre of mining finance. Like we need some Newparadigmer Paperpeople running the bank. Twenty years ago we had more than an ounce per capita. Now it's less than one tenth of an ounce. No wonder we call it a loonie. They're sick, I tell you. Sick - and we can't vote them out, they're bureaucrats.

To: Zardoz who wrote (22786)	11/9/1998 8:25:00 PM
From: banco$	Read Replies (1) \| Respond to of 116779

The inference is that Canada is no longer a meaningful player. Why not dump the balance of their reserves and call it quits? Their gold reserve actions are no longer newsworthy, and Canada as a nation is failing to back its domestic mining industry with each sale.

To: Zardoz who wrote (22786)	11/10/1998 8:52:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116779

Hutch - obviously I was referring to the pathetic level of Canadian gold reserves - a gradual attrition which started in the 70s. I don't now if anyone has done a study of the currencies of countries which have sold off their gold, but my hunch is that you'd find a correlation - with the possible exception of the Dutch - where ECU factors have possibly had a stabilising effect. You have it seems fallen into a trap by confusing a reserve asset with a an investment - a common mistake I might add. E