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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Henry Volquardsen who wrote (7800)	1/4/1998 12:26:00 PM
From: Kurt R.	Read Replies (2) of 20681

Henry: Great comments. This issue must be near and dear to your heart. I will just make a quick comment about your statement that the German Finance Minister intended to sell gold last summer. You already made this statement on several occasions - it is not quite correct. Waigel intended to reassess the value of the 3,000 tons in gold reserves based on the current market price and not at the purchase price, which was much lower. By doing so, the Finance Minister would have been able to get another 10 billion DM out of the Bundesbank. Well, we all know that the Bundesbank did not like this "creative accounting" trick and said no. Please note that the sale of gold was never even discussed. And I don't think it is going to happen. Just my opinion - posted from Berlin, Germany. Kurt

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