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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (38864)	9/26/2003 5:18:44 AM
From: Snowshoe	Read Replies (3) of 74559

UPDATE - Swiss Nat Bank to sell 284 tonnes gold by Sept 2004 biz.yahoo.com Friday September 26, 5:11 am ET ZURICH, Sept 26 (Reuters) - The Swiss National Bank will put another 284 tonnes of gold from excess reserves on the market by the end of September 2004 and sell 130 tonnes in the year after that, the central bank said on Friday. It said it had sold 886 tonnes since May 2000 under a 1999 accord that limits sales by major European central banks to a combined 2,000 tonnes by September 2004 when the accord expires. The SNB has routinely sold excess gold. It aims to dispose of 1,300 tonnes -- around half its original stockpile -- that it no longer needs to hold as reserves. The 284 tonnes to be sold over the next year will take the total to 1,170 tonnes, leaving 130 tonnes to be sold before the programme wraps up. "The SNB will sell the residual amount of 130 tonnes in the year following the expiry of the present agreement" among central banks, the SNB statement said. The bank said it would "follow its proven strategy of conducting the sales in regular transactions with prime institutions with which it already maintains business relations". Gold prices eased on the SNB's detailed sales plans. Recent sales have benefited from the metal's rise to seven-year highs on its safe-haven appeal amid rising oil prices and a weakening dollar. Dutch Central Bank Governor Nout Wellink told Reuters last week that a new deal covering the sale of central bank gold was discussed briefly during an IMF meeting in Dubai, but would only be tackled properly early next year. The old deal limited central bank gold sales to 400 tonnes a year for five years and was struck on the sidelines of the 1999 autumn meeting of the International Monetary Fund (News - Websites) in Washington. An SNB spokesman declined to comment on prospects for extending the accord.

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