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Gold/Mining/Energy : Gold Price Monitor
GDXJ 128.04+0.7%Jan 16 4:00 PM EST
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To: Alex who wrote (4149)12/11/1997 10:59:00 PM
From: lorne  Read Replies (2) of 116871
 
Alex
I am reposting this ,messed it up the first time, might you have any comment as to why EU bank would want a little gold instead of a lot.
ECB to hold some gold reserves, paper says

The future European Central Bank is likely to hold around 5% of its reserves in gold, according to a report in the German financial newspaper Boersenzeitung.

Citing European central bank and government sources, Europe's leading central banks have informally agreed gold should account for 'a small percentage' of the ECB's reserves, the report said.

The actual amount is still open, but is seen at around 5% of total reserves, the paper said.

A final decision won't be made until countries participating in Europe's planned 1999 currency union have been chosen and the ECB established.

The ECB will hold reserves of around 50 billion ECU and it hasn't yet been decided to what extent gold should fill the central bank's vaults.

Gold is trading at twelve-and-a-half year lows on worries about central bank gold sales.

There is also fear the European Central Bank's only holding 2.5 billion in ECU could lead to a massive gold selloff.

The Deutsche Bundesbank holds 6.8 billion ECU in gold, making up around 13% of its total reserves.
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