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Gold/Mining/Energy : Gold Price Monitor
GDXJ 128.56+6.1%Feb 6 4:00 PM EST
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To: Casaubon who wrote (45764)12/8/1999 2:52:00 PM
From: Alex  Read Replies (2) of 116972
 
Switzerland Moves Toward Gold Sale
BERN, Switzerland (AP) -- Switzerland moved a step closer to the sale of its central bank's surplus gold reserves today when the upper house of parliament approved legislation allowing a sale as early as next spring.

The 33-0 vote follows approval of a similar version of the bill by the lower house of parliament in October. The lower house has to iron out minor differences before it goes to the ruling coalition Cabinet for enactment around April.

The government plans to use 1,300 tons of gold -- half of the Swiss National Bank's 2,600 tons of reserves -- to support the Swiss franc, and has designated the other half as surplus.

Finance Minister Kaspar Villiger urged quick passage for the bill so Switzerland can take advantage of a five-year period for sales agreed to with 14 other central banks in September.

That agreement limits the central banks to total sales of 400 tons a year, or 2,000 tons over the five-year period. Switzerland's 1,300 tons of surplus gold are covered in the pact.

Officials have promised that Switzerland will conduct its sales gradually, without disrupting the gold market.

In a referendum last April, Swiss voters approved a new constitution which ended the traditional requirement for the Swiss franc to be backed by gold.

Britain and the International Monetary Fund also have moved to sell off part of their gold reserves.

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biz.yahoo.com
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