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Gold/Mining/Energy : GMD RESOURCE

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To: Dave R. Webb who wrote (950)	6/23/1999 6:04:00 PM
From: Richnorth	Read Replies (1) of 1030

biz.yahoo.com Friday June 18, 5:16 am Eastern Time Swiss-gold-bank Zurich ''The important difference between the article that was now voted down and the one that we already have in the revised constitution in relation to the gold issue is solely that the article voted down would have explicitly given a constitutional basis for the transfer of reserves not needed for foreign exchange or monetary reasons,'' SNB spokesman Werner Abegg said. ''This would have made possible the use of reserves -- gold or other reserves -- for instance directly for something like the Solidarity Foundation,'' he told Reuters, referring to a proposed humanitarian fund that populist parties oppose. ''But sales of gold -- as (SNB Vice-chairman Jean-Pierre) Roth has said already and has repeatedly underlined -- can be made once the law on currency and payment instruments has passed parliament,'' he said, noting the existing constitution already severed the Swiss franc's outdated peg to gold. The government has already submitted the new currency law that authorises gold sales to parliament. ''The timetable there is such that this law would be final at the earliest by spring next year. That remains the earliest possible time for gold sales which would then be based on the present constituional article and the new law,'' he said. --------------------------------------------------------------------

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