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Gold/Mining/Energy : Gold Price Monitor

GDXJ 87.56

-4.9%

Nov 4 4:00 PM EST

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To: Bill Murphy who wrote (35666)	6/22/1999 1:24:00 PM
From: Alex	Read Replies (2) of 116752

WASHINGTON, June 22 (Reuters) - The United States will not back the sale of gold from IMF reserves unless Congress authorizes the plans, U.S. Deputy Treasury Secretary Lawrence Summers said on Tuesday. Summers, speaking to the Senate Banking Committee, said the administration would not try to ''go round'' Congress on this issue if Congress declined to back the sales. ''As I understand it, the law requires congressional authorization for IMF gold sales or for U.S. support for IMF gold sales, and so if that approval and authorization is not forthcoming the United States will not be able to support in any way IMF gold sales,'' Summers said. The U.S. administration, like the governments of other major industrialized countries, backs the idea of IMF gold sales. The money would be put into a trust fund and revenue from this fund would be used to finance lending and debt relief programs for poor countries. biz.yahoo.com

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