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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Box-By-The-Riviera™ who wrote (156950)	3/25/2002 7:38:36 AM
From: Horgad	Read Replies (1) of 436258

Bundesbank to sell gold and buy stocks? businessreport.co.za I can't wait to gold rallies in the face of this crap. -------------------------------------------------------- Bundesbank may sell some gold reserves Sapa-AFP March 25 2002 at 10:30AM Frankfurt - The Bundesbank is considering selling a small part of its vast gold reserves for shares, the German central bank's president Ernst Welteke said in a newspaper interview published on Monday. "We must consider in the medium term if we can't convert some of our gold - small volume and without pressurising the market - into securities," Welteke told the daily Frankfurter Allgemeine Zeitung. The bank was thinking not only of bonds, but "on a share deposit with a good mixture of blue-chip shares and shares listed on the Euro-stoxx-50," he said. The aim of such a move would be to manage the bank's portfolio of gold and currency reserves more efficiently in the future, he said. The Bundesbank has roughly 3,500 tonnes of gold worth some 35 billion euros and a further 50 billion euros in foreign currency reserves, the newspaper said. Separately, Welteke said that the European Central Bank (ECB) was likely to pursue its current wait-and-see stance on interest rates for some time. As head of the German central bank, Welteke sits on the ECB's governing council, the body responsible for setting euro-zone interest rates. The ECB could "pursue its steady-hand policy on rates for the foreseeable future," Welteke told the newspaper. - Sapa-AFP

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