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

To: J.L. Turner who wrote (33527)	5/9/1999 9:01:00 AM
From: Stephen O	Read Replies (1) \| Respond to of 116813

The 8,135 tonnes of gold the US owns is about 288,000,000 ounces which is about 1 ounce per US citizen. IMO that is not very much considering the total debt of the US.

To: J.L. Turner who wrote (33527)	5/9/1999 6:58:00 PM
From: Investor-ex!	Respond to of 116813

JLT, Gold as 50% of reserves is not to be confused with a currency having a 50% backing in gold.

To: J.L. Turner who wrote (33527)	5/10/1999 9:56:00 PM
From: PaulM	Read Replies (2) \| Respond to of 116813

"only the USA having 50% or more of [gold] reserves..." The dollar is second to none in terms of global acceptance of fiat currencies. The U.S. naturally holds less marks, yen etc. than, for example, the Germans and Japanese hold dollars. Gold is therefore high percentage of what (little) exchange reserves the U.S. has. Interestingly, I read a while back that as of two years or so ago the country with the largest foreign exchange reserves was little Hong Kong. Should the dollar's reserve currency status weaken, the Fed's/Treasury's ability to defend the dollar would be limited.