Skip, cheers for the comments. Just a couple of things. And dont...

Skip, cheers for the comments. Just a couple of things. And dont get me wrong, your comments are valid and valued, just two things I'd like to say. You said:

'Central Banks gave up on the gold standard last century. The currency role of gold is long finished'

This I dont agree with. They didn't 'give up' on it. It instilled a discipline in their ways that they no longer wished to adhere to - make up your own mind as to why, but I'm pretty sure it was for their own somewhat dubious intentions. The ability to create value out of trees and ink is, in effect, nothing more than modern day alchemy. Would you stick to a gold standard or backing to a currency if it restricted you from literally being able to turn trees into modern day gold? I know I wouldn't. That doesnt mean gold is finished, more likely there has been a concerted attempt to convince that its no longer of any use. I dont buy that. Its held firm for how many thousand years, yet in the last 30 its gone from hero to zero. Just doesn't wash with me

Also on that note it is only really Western central banks that have attempted to dispose of golds role as a currency. There are many central banks the world over who have taken quite the opposite path and have increased their gold reserves. It would seem that these western countries whose CB's disposed of their gold are the ones now with serious economic problems due to the ensuing credit bubble (possibly only permitted due to lack of discipline instilled by gold?). Coincidence? Maybe, maybe not.

Also Skip, I've been visiting the gold thread on HC for about 18 months now and have found much critical and objective discussion. Sure its not contained in every post, nor necessarily every day, but it is certainly found often enough to be of benefit.

Good luck with NCM
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