No problem E. Getting back to my original post, I just feel that the recent run-up from $280 to $290 in the pog is too similar to what happened before the last auction. On that auction day, all of the previous rise was given up. I try to come up with other reasons why the price has risen in the last few days, (such as money flowing out of bonds, people starting to believe that the rise in the oil price is real and inflation is on its' way, and so on) but they seem flimsy to me. Plus, commercials don't appear to be all that bullish right now, but then again, they've been on the wrong side of this for almost as long as me : - ). Anyway, enough babbling from me............
Swiss cantons, government agree on gold procceds
BERNE, Jan 20 (Reuters) - The finance directors of the Swiss cantons (states) said on Thursday they had agreed with the federal government on how to spend proceeds from the planned sale of excess Swiss National Bank gold reserves.
In a statement after a meeting with Finance Minister Kaspar Villiger, the finance directors said they still supported the government's plan to create a humanitarian fund with 500 tonnes of the 1,300 tonnes earmarked to be sold.
It added that the remaining money should not be used for state expenditures but instead go toward reducing debt at the state and cantonal level.
This, they said, would benefit the entire population.
Some political parties, such as the populist SVP which made strong gains in last October's parliamentary elections, have said the money should go to shore up the state pension fund AHV.
The Swiss National Bank is almost entirely owned by the federal government and the constituent cantons. ((Zurich newsroom, tel +41 1 631 7340, fax +41 1 251 0476, e-mail zurich.newsroom@reuters.com))
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