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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.67

+5.0%

Nov 10 4:00 PM EST

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To: CuriousGeorge who wrote (77602)	9/27/2001 11:26:15 PM
From: long-gone	Read Replies (2) of 116753

1.300 TONS OF SUPERFLOUS GOLD Posted By: SWISS CORRIDOR Date: Thursday, 27 September 2001, 1:33 a.m. UPDATE FROM THE SWISS CORRIDOR -- 1.300 TONS OF SUPERFLOUS GOLD Yesterday the Government was discussing what to do with the 1.300 tons (yes 1.300) of superfluous gold in the National Bank that they have. Presumably this was or is part of the gold they were due to sell anyway. One of the big ideas is to put one third of it into the government pension scheme, one third into the Kantons (like States) and the final third to be used to fund an organisation to fight worldwide poverty, sickness and the like. A final decision is due next year, after the people have voted on it. They have this plebiscite thing here where what the people vote is binding. However I hear from my colleagues that the government tends to do what it likes anyway The story goes that this debate has been rumbling on for some time but it is the first I have heard of it. Presumably the people put some pressure on the government after it announced it was selling the family silver (or in this case gold). Having heard that the gold would be sold for pieces of paper (dollars or otherwise) I guess they got a bit upset about it and forced a rethink or at least a delay. There was also a comment about the gold being invested in 30 year funds so if they can't sell it they are at least putting it out of harm's (or useful) way for a long while. I have yet to figure out what exactly the objectives of this place are. They cling to neutrality like a barnacle but then the government says it wants to join the EU and the UN, having previously admitted that being a member of the UN is incompatible with neutrality as practised here. No explanation is needed of the impact on neutrality by joining the EU. If push comes to shove I think the people here would stand for neither though it is more than possible that the Euro will become the de facto currency. It is also stretching credulity to declare that one thousand three hundred tons of gold can be superfluous, I would not mind a few ounces myself I did find a report about this in the Neue Zürcher Zeitung but as this is one of the heavyweight papers, it is full of very long words that I do not understand. The gist of what I just wrote seems to be right. rumormillnews.net

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