Thomas Buyea

Help -- Anyone know Euro Currency info

Hello
I am in Miami Florida USA and as you probably know the US Dollar is
sinking fast !
The US Dollar has sunk from $1.00 to 1.05 Euros down in the last 20
months to about $1.26 to one Euro.

This is Not Surprising since the Euro is 15% backed by gold and the US
Dollar is backed by "The Full Faith and Trust of the Federal
Government" Which means it is backed by nothing !
Actually I just looked closely at several different denominations of US
bills and it does not even say "That" Anymore ? !!

My question is about the Euro
If I had 10,000 Euros and took them to the government agency that
issues them - How would I get the 15% gold backing ?
If I gave them the 10,000 Euros what would I get ? 1,500 Euros worth of
gold ?
What kind of a deal is that ?
Can anyone answer this ?
If so please answer here and CC the answer to me at
also
Thank You
Tom Buyea

Sjoerd

"Thomas Buyea" <> schreef in bericht
news:19512-3FF55C47-...
    > Help -- Anyone know Euro Currency info
    > Hello
    > I am in Miami Florida USA and as you probably know the US Dollar is
    > sinking fast !
    > The US Dollar has sunk from $1.00 to 1.05 Euros down in the last 20
    > months to about $1.26 to one Euro.
    > This is Not Surprising since the Euro is 15% backed by gold and the US
    > Dollar is backed by "The Full Faith and Trust of the Federal
    > Government" Which means it is backed by nothing !
    > Actually I just looked closely at several different denominations of US
    > bills and it does not even say "That" Anymore ? !!
    > My question is about the Euro
    > If I had 10,000 Euros and took them to the government agency that
    > issues them - How would I get the 15% gold backing ?
    > If I gave them the 10,000 Euros what would I get ? 1,500 Euros worth of
    > gold ?
    > What kind of a deal is that ?
    > Can anyone answer this ?
    > If so please answer here and CC the answer to me at
    > also

I don't know where you get the 15% "gold backing" from, but I believe what
it means is that the official foreign currency and precious metals reserves
of the combined euro-zone central banks consists 15% (if the percentage is
right) of gold.
It doesn't mean that you can get 15% worth of gold for every euro, it means
that in case there is an attack on the euro and the central banks want to
defend it, they have the means to do so.

Sjoerd

Croft

x-no-archive: yes


the british government (last year i think) sold some of its gold reserves,
to buy some euro's. not really aure why, but many people thought
it was a bad idea (low exchange rate at the time, for starters!)

more (uk based) info here-

http://www.euro.gov.uk/

http://www.bbc.co.uk/cgi-bin/search/...ww&go=homepage

Arwel Parry

In message <19512-3FF55C47->,
Thomas Buyea <> writes
    >Help -- Anyone know Euro Currency info
    >Hello
    > I am in Miami Florida USA and as you probably know the US Dollar is
    >sinking fast !
    > The US Dollar has sunk from $1.00 to 1.05 Euros down in the last 20
    >months to about $1.26 to one Euro.
    > This is Not Surprising since the Euro is 15% backed by gold

Nonsense.

    >and the US
    >Dollar is backed by "The Full Faith and Trust of the Federal
    >Government" Which means it is backed by nothing !
    > Actually I just looked closely at several different denominations of US
    >bills and it does not even say "That" Anymore ? !!
    > My question is about the Euro
    > If I had 10,000 Euros and took them to the government agency that
    >issues them - How would I get the 15% gold backing ?

You wouldn't -- you'd get given another 10,000 euro.

    > If I gave them the 10,000 Euros what would I get ? 1,500 Euros worth of
    >gold ?
    > What kind of a deal is that ?
    > Can anyone answer this ?

The US dollar is losing its value because the US Government is running a
huge budget deficit and the US's foreign trade is also massively in
deficit -- all this has to be covered by foreigners buying dollars for
their own purposes and they're less inclined to do that now than they
used to be.

Miss L. Toe

"Sjoerd" <> wrote in message
news:3ff563b6$0$321$...
    > "Thomas Buyea" <> schreef in bericht
    > news:19512-3FF55C47-...
    > > Help -- Anyone know Euro Currency info
    > >
    > > Hello
    > > I am in Miami Florida USA and as you probably know the US Dollar is
    > > sinking fast !
    > > The US Dollar has sunk from $1.00 to 1.05 Euros down in the last 20
    > > months to about $1.26 to one Euro.
    > >
    > > This is Not Surprising since the Euro is 15% backed by gold and the US
    > > Dollar is backed by "The Full Faith and Trust of the Federal
    > > Government" Which means it is backed by nothing !
    > > Actually I just looked closely at several different denominations of US
    > > bills and it does not even say "That" Anymore ? !!
    > >
    > > My question is about the Euro
    > > If I had 10,000 Euros and took them to the government agency that
    > > issues them - How would I get the 15% gold backing ?
    > > If I gave them the 10,000 Euros what would I get ? 1,500 Euros worth of
    > > gold ?
    > > What kind of a deal is that ?
    > > Can anyone answer this ?
    > > If so please answer here and CC the answer to me at
    > > also
    > I don't know where you get the 15% "gold backing" from, but I believe what
    > it means is that the official foreign currency and precious metals
reserves
    > of the combined euro-zone central banks consists 15% (if the percentage is
    > right) of gold.
    > It doesn't mean that you can get 15% worth of gold for every euro, it
means
    > that in case there is an attack on the euro and the central banks want to
    > defend it, they have the means to do so.
Only if someone actually wants to buy the gold (at a 'reasonable' price) at
that time.
(Which is actually a pretty useless metal)

Jl

Thomas Buyea wrote:

    > This is Not Surprising since the Euro is 15% backed by gold and the
    > US Dollar is backed by "The Full Faith and Trust of the Federal
    > Government" Which means it is backed by nothing !

The fall of the USD has nothing to do with gold. Only with the trade
deficit.

    > My question is about the Euro
    > If I had 10,000 Euros and took them to the government agency that
    > issues them - How would I get the 15% gold backing ?

By buying gold on the market. With 10 k¤ you can buy about 1 kg of gold.

JL.

Miles

Miss L. Toe wrote:

    > (Which is actually a pretty useless metal)

Tell the electronics industry that!!

Sjoerd

"croft" <> schreef in bericht
news:bt3pmq$jvb$...
    > x-no-archive: yes
    > the british government (last year i think) sold some of its gold reserves,
    > to buy some euro's. not really aure why, but many people thought
    > it was a bad idea (low exchange rate at the time, for starters!)

It is generally a good idea to buy assets when they are cheap, and sell them
when they are expensive. So I am actually thinking about buying some USD
now. Sure, the USD can still go lower, but nobody will ring a bell when it
reaches its low vs. the euro.

Sjoerd

Devil

On Fri, 02 Jan 2004 14:31:23 +0100, JL wrote:

    > Thomas Buyea wrote:
    >
    >> This is Not Surprising since the Euro is 15% backed by gold and the
    >> US Dollar is backed by "The Full Faith and Trust of the Federal
    >> Government" Which means it is backed by nothing !
    >
    > The fall of the USD has nothing to do with gold. Only with the trade
    > deficit.
    >
    >> My question is about the Euro
    >> If I had 10,000 Euros and took them to the government agency that
    >> issues them - How would I get the 15% gold backing ?
    >
    > By buying gold on the market. With 10 kEURO you can buy about 1 kg of
    > gold.

But he doesn't need Euros to do that...

(Methinks we have been trolled....)

Charles Hawtrey

(Thomas Buyea) with the help of 999 monkeys
eventually managed to type:

    >Help -- Anyone know Euro Currency info
    >Hello
    > I am in Miami Florida USA and as you probably know the US Dollar is
    >sinking fast !

[..etc]

When we get so many people crawling out of the woodwork convinced that
the dollar is about to collapse, it's almost a guarantee that the
dollar will turn around soon.