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To: lorne who wrote (28172)2/13/1999 11:13:00 AM
From: lorne  Respond to of 116833
 
Goldman economic model forecasts 50-bps Fed hike
biz.yahoo.com



To: lorne who wrote (28172)2/13/1999 11:24:00 AM
From: Hawkmoon  Respond to of 116833
 
gold's role in the central bank reserves is to defend local
currencies, not capital appreciation.


And exactly what is the mechanism they use for defending local currencies with gold?

Eg: The Euro has recently declined against the US dollar even though it is backed up by more gold reserves than the dollar. Why?

Let's start breaking the argument down into segments and looking at ALL THE ANGLES.

Regards,

Ron