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John,
I believe you missed the final part of the trioligy " lot of people ".
I do not honestly believe that the major part of the worlds population
given the option of gold or goverment bills of any persuaision would
take the paper.
Gold has been a valued metal over history for a large number of
civilisations .
The selling of limited gold reseverves over a period of time is a
sensible move, however the political shambles of reducing the importance
of gold by the government of a country which is the third largest gold
producer in the world escapes my reasoning.
A survey of list readers would prove interesting :
So given the choice of any countries bills or the equivelant value in
gold what would you take.
What do you believe the situation will be in 10 years time ?.
Regards
Bruce
John Hunter wrote:
>
> >From what we can see it was South Korea that bought most of the gold from Australia. The question is, as you point out, gold was seen by them to have a higher value. That raises the question why. Given what is happening in that part of the world right now buying gold could make a lot of sense for a lot of reasons.
>
> -----Original Message-----
> From: Bruce Waller [SMTP:waller@xxxxxxxxxxxxxxxxx]
>
> Struth blokes I thought the redoubtable "T.H.M." must have advised our
> reserve bank on this one.
> The story is a bit simplistic and the Goverment is trying to heap blame
> on the local gold industry for forward selling as one of the reasons.
> The jury is still out on whether its a depreciating asset,it was
> obiviously not the buyers viewpoint.
> Perhaps it seemed like a good idea at the time and as long as its not
> catching the situation should steady.
> John Hunter wrote:
> >
> > It was sold because we didn't need it any more. Who needs a depreciating asset that produces no return? Well that was the story we got.
> >
> > -----Original Message-----
> > From: Private Investor [SMTP:private-investor@xxxxxxx]
> > Sent: Tuesday, 8 July 1997 9:25
> > To: roffey@xxxxxxxxxxxxxx; metastock-list@xxxxxxxxxxxxx
> > Subject: Re: Gold Price
> >
> > Yes, I'm watching gold and Switzerland has to the same thing ? as
> > Australia, to dump
> > another 250 T. Looks like support is at 300.
> > How is your bullions doing ?
> > Why did Austraila sell it ?
> >
> > Pi=3.14
> > ----------
> > > From: Dr Clive Roffey <roffey@xxxxxxxxxxxxxx>
> > > To: metastock-list@xxxxxxxxxxxxx
> > > Subject: Gold Price
> > > Date: Friday, July 04, 1997 5:03 AM
> > >
> > > Bullions $10 fall today has all the signs of a classic Exhaustion gap.
> > > Many of the South African shares fell on the opening but as I write are
> > > recovering most of their losses. This is usually a major reversal
> > > signal.
> > >
> > > If bullion om Monday or Tuesday at the London fix bounces up above the
> > > $330 level then we will have a major reversal signal in bullion. Watch
> > > the precious metals.
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