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Gold/Mining/Energy : MONETA PORCUPINE ME.t
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To: D LEE who wrote (314)10/25/1997 1:39:00 AM
From: D LEE  Read Replies (1) of 440
 
The 50% gold sale plan is part of a broader proposal
for overhauling the Swiss constitution to reduce
the amount of gold backing the Swiss franc,
to revalue the Swiss gold reserves closer to market value,
and to sell part of the revaluation surplus to fund a
humanitarian effort for Holocaust victims.

Switzerland is the last developed country to insist
by law on a gold backing for its currency,
presently 40%, but the backing will be reduced
for currency on issue to 25 pct from November 1.

It's a proposal to sell 1,400 tonnes of gold, only
if the constitutional changes required to remove gold
backing for the Swiss currency are approved
in a referendum in 1999.

Officials of the Swiss finance ministry
and the Swiss National Bank said they approved of the plan
in principle, though the proposal by a panel of experts,
appointed by the Swiss finance ministry and Swiss National Bank
in April, still had to be discussed by the government.

So the plan still has to be approved by a referendum
and that won't happen until 1999 anyway
gold's new 12 year low could be a case
of selling the rumor and buying the fact here

(the above facts i found on the net
The next post concerns my "quam" about broadcasting
and why i feel you as stock holders should know about it.)

dave
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