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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Susan Lynn who wrote (1022)	3/17/1999 4:46:00 PM
From: Zardoz	Read Replies (2) \| Respond to of 3558

I think gold lost it international monetary standard over time because of the high volumes of currencies floating around the world on a daily basis. Gold just could not keep up with a 800 billion to 1.3Trillion dollars daily market in currencies. So better forms of arbitrage gradually took away the power of money from gold. I look at it this way: Assume that USA FED has 263Mounces of gold at $300/oz, and that is 10% of the worlds worth. Total value of the FED's gold 78.9B or 789B world wide gold value. So compare that to the US debt clock: brillig.com The Worlds amount of gold only come to 14% of the US debt alone. This is why better hedging instruments were needed then having currencies rush into and out of GOLD. Gold could not compete. I think no metals can compete.