The intuition of many Marxists is that there will be a 'flight towards gold' in an economic crisis. This perception is reinforced by what Marx wrote about this subject ... yet times have changed since Marx's time. Does the empirical evidence suggest a 'flight towards gold' during the current global economic contraction? For some empirical data, see: http://www.technicalindicators.com/gold.htm (Note that this is a private source rather than a government or academic source.) Two items of note: 1) the data at that site show a *sharp decline* in gold prices (as measured in US$) since 1997. Is this data accurate? Can the same be said in other regions of the world capitalist economy? If not, then what might be some regional factors affecting 'gold prices' (vis-a-vis individual currencies)? 2) They project a *continued decline* in gold prices. Is this a likely occurrence? Why or why not? What are the best explanations for these developments? Do they tend to confirm, disconfirm or have little bearing on the positions advanced by listmembers about the role of gold in the current international capitalist economy? Akira? Claus? Others on the list who follow this subject? In solidarity, Jerry
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