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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Kurt R. who wrote (7801)1/4/1998 1:07:00 PM
From: Henry Volquardsen  Read Replies (1) of 20681
 
Hi Kurt

Yes the mechanism being discussed was the revaluation of reserves, both gold an currencies but gold being the biggest number. And the intention was to get a dividend from the Buba of 10 bln Dmk. Also as I recall eventially this accounting will take place in the the normal course of business. The Bundesbank's main objection was to the speeding up of the process with the political intent of generating an additional 10 bln Dmk to pretty up the balance sheet prior to EMU. You are probably right that there was no public discussion of gold sales. As part of my business we maintain very close contacts with central banks and several very well placed political economists. We were aware of some discussions between Buba and the Ministry regarding gold sales but this may not have been public. As Buba was very upset over the incident the exchange over gold may have been an effort to smoke out Waigel's intentions in this regard. In any case the gold sales aren't happening soon but I am suspicious to see what happens with the more politcized EMI. As you can may have gathered I am very skeptical of EMU. From your vantage point in Berlin what do you think German public opinion on EMU is at the moment. E-mail me if you wish so we don't bore the rest of the thread. H_Volquardsen@aigtc.com

Henry
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