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

To: long-gone who wrote (34809)	6/2/1999 9:54:00 PM
From: John Hunt	Read Replies (4) \| Respond to of 116764

James Dines Foresees Chinese Currency Devaluation And More Crises Ahead << StockHouse: Because England now sold about half their gold reserves, does that mean a ceiling of US$300/ounce has been set for the time being? James Dines: First of all, in terms of gross reserves, they were talking about 43% of net reserves, but the usual yardstick is gross reserves. By reducing its gold level from 17% to 7% of gross reserves, the UK will be on a level with Albania. I think that it was the original stupidity of the English Central Bank, of the General Convention of 1922 that led them to go from the gold standard to the gold exchange standard, which began the long decline of England's power in the world. The General Convention is not very well known. Basically what they did was - they floated the gold with paper to pay for World War I and that unleashed the great inflation of the 1920's. They're doing it again. They just don't get that currencies - that there needs to be some kind of limit on the amount of paper being printed. Right now the world is completely off the gold standard. Nations are hanging onto their gold because they dimly grasp that it's somehow important. Later on, these central bankers, or their successors - the present ones being safely dead by then - will go back into the open market and pay very high prices to repurchase this gold ... more ... >> stockhouse.com