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

To: PaulM who wrote (26597)	1/20/1999 11:43:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116764

If a gold short position, or LTCM, threatened the world economy, then why not prevent that from happening in the first place, rather than arranging a last minute bailout? I'm sure many Central Bankers are asking themselves the very same question, hence Bill M's comments about the surprise CB's probably felt when they discovered the positions that hedge funds had adopted. And thus follows, there review of risk management procedures. You know, and I certainly believe the CB's know, that these positions have to be unwound. But they have to be unwound in such a way so as not to create panic or economic dislocations of a global nature that could cause the entire system to fail in a way that we are thrust back into a depression of monumental proportions. Y2K will be bad enough, we don't need this on top of it all. Thus, I fully expect that CB's would be willing to sell gold directly into the marketplace in order to protect their current financial system. What other choice they have?? It's either that or risk losing it all. And over what?? A shiny metal that people dig out of the ground and like to make jewelry out of. People who believe this metal is worth more than paper issued by the gov't they pay their taxes to. Oil is pumped out of the ground... It's rare as well (or it has been..:0) and its perishable. Why not ped the dollar to oil? Sorry all... I just don't get it. But I'm not willing to buck the trend either should I see the potential for the Fiat system collapsing over this shiny, HEAVY, yellow metal. Regards, Ron