Central Banks and Gold Sale Threats Message Board

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Gold/Mining/Energy : Central Banks and Gold Sale Threats

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To: Proud Deplorable who started this subject	6/10/2004 1:06:12 PM
From: Proud Deplorable	Read Replies (1) of 54

French central bank to sell a fifth of gold reserves www.chinaview.cn 2004-06-10 23:05:39 @ PARIS, June 10 (Xinhuanet) -- The Bank of France's governor Christian Noyer said Thursday that the French central bank intends to sell a fifth of the country's 3,000 tons of gold reserves in the coming five years to reduce the country's public deficit. Gold is the prime asset of France's exchange reserve and the central bank will conserve a large part of its gold reserve in case of exceptional circumstances, he said. The central bank will sell up to 600 tons of its gold reserve and replace it with other monetary assets, especially foreign currencies, the governor said, adding that the gold would be sold when the market is healthy and the price is fair. Reports here said the 3,000 tons of French gold reserves are currently valued at about 30 billion euros (36.9 billion US dollars). The plan to sell gold -- first announced at the end of March byFinance Minister Nicolas Sarkozy -- is included in an overall planto dispose of state assets such as real estate and industrial stakes to bring down the deficit. Enditem

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