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Gold/Mining/Energy : Precious and Base Metal Investing

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To: russwinter who started this subject	1/18/2004 2:46:37 AM
From: Proud Deplorable	of 39344

Bundesbank Board Opposes Gold Sale Plan, Der Spiegel Says From Bloomberg News Service January 17, 2004 The board of Germany's Bundesbank opposes a plan by its president, Ernst Welteke, to sell some of the central bank's gold reserves to fund research in Europe's largest economy, Der Spiegel said. "Welteke won't get a majority for his proposal," the magazine cited an unidentified board member as saying. Only three of the board's eight members are in favor of the proposal, Spiegel said, citing the board member. The Bundesbank's board will vote on the proposal in February, the magazine said. The Bild am Sonntag Sunday newspaper said this month that the Frankfurt-based Bundesbank and the German government have agreed to sell up to 600 tons of the central bank's gold to raise as much as 7 billion euros ($8.7 billion) for a fund to promote education and research. The government expects the fund to generate interest income of between 250 million euros and 300 million euros a year, the paper said.

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