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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (16291)11/19/2004 9:20:07 AM
From: who cares?  Read Replies (2) of 116555
 
Huge buy signal

Bank of France to Sell Up to 600 Tons of Gold in Next 5 Years

By Francois de Beaupuy
Nov. 19 (Bloomberg) -- Bank of France Governor Christian
Noyer said the central bank will sell 500 to 600 tons of gold
over the next five years and increase reserves denominated in
currencies to improve revenue and pay a higher dividend to the
state.
The pace of gold sales will be determined by the Paris-based
central bank, partly depending on gold prices, the finance
ministry and the Bank of France said in a joint statement today.
The agreement confirms an anouncement made in April.
Gold yesterday reached a 16-year high in London as the
dollar sank to a record low against the euro. Gold for immediate
delivery rose $1.10, or 0.3 percent, to $444.05 an ounce in
London at 12:25 p.m. Yesterday it reached $446.21, the highest
since June 23, 1988.
The gold sales will boost Bank of France revenue by more
than 200 million euros ($261 million) per year in five years, the
statement said. The government will receive a 100 million-euro
payment from the bank as soon as next year. Noyer and Finance
Minister Nicolas Sarkozy said the proceeds will be used the
reduce governemnt debt and boost research spending.
The bank currently has 3,000 tons of gold.
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