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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Eva who wrote (14712)7/24/2003 3:24:45 PM
From: Louis V. Lambrecht  Read Replies (1) of 39344
 
Read it all eva, ...and all monetary decisions are made by the ECB

Geez! What a buzz about a Joint Statement which was published by a simple press release.

Only correct sentence, more or less, in the FT piece was:
Apart from Germany, the central banks of France and Italy, which are also running large budget deficits, have large gold holdings. They just forgot Netherlands (small country, but a G10 country nevertheless).

What they also forget to say (well, this is a UK paper), UK would have to buy-back her sales (somewhere between 120 and 160 tons of gold) if UK ever was to join the Euro club.
Euro club central banks have an entry ticket of 15% of gold reserves to remit to the ECB.

OK. European Central banks could sell their surplusses (more than the 15% ticket) to diversify their reserves. Into what?
Competitive devaluating currencies?
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