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Gold/Mining/Energy : Wheaton River Minerals (WRM Toronto)
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To: John E.Quinn who wrote (271)10/29/2000 12:56:36 AM
From: JUNIORSPECULATOR   of 350
 
House of Representatives approved Wednesday a foreign aid bill that would permit the IMF to use its gold reserves to fund third world debt relief, in addition to the $435 million of US taxpayer funds allocated to debt forgiveness in the bill. The overall foreign aid bill's price tag is $14.9 billion. As a counter to criticisms that such funds are often squandered or pilfered without bringing hope or aid to those truly in need, the bill requires the US Treasury secretary or the GAO to monitor and certify that no fraud takes place. The mechanism for the IMF gold sales may follow the institution's 1999 proposed revaluation (mark to market) from $47 per ounce to current prices, followed by internal sales to IMF member governments. According to Michael DiRienzo of the Gold Institute, the bill repeals the limitation in current law that the IMF "shall not use more than 9/14 of the earnings on the investment of the profits of such [nonpublic gold] sales..." that was part of last year's enacted amendments to the Bretton Woods Agreement Act.



Again, a reminder that Platinum Guild International’s New York Office has moved to a new address:

237 Park Avenue, 21st Floor

New York, NY 10017

Tel (212) 551-1414

Fax (212) 551-1416
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