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Gold/Mining/Energy : Gold Price Monitor

GDXJ 100.15

+0.3%

Nov 25 4:00 PM EST

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To: kimberley who wrote (8490)	3/18/1998 5:55:00 PM
From: Enigma	Read Replies (1) of 116767

When the Belgian spoke of 33 1/3% of external reserves being in gold I wonder if he wasn't talking loosely here as well. Maybe the distinctions aren't as important as we have been thinking. The new EMU bank will apparently have a 'call' on the gold reserves of all the member banks - which means that they can't just go off and sell/lease gold without the permission of the central authority - otherwise there would be a state of chaos, which would not be desirable when the common folk are being asked to place their faith in this new scrip! Also - how is the member countries' gold being transferred to the central bank - by physical transfer (like the UK in the war to pay for lend/lease),or by some sort of IOU or Certificate? If the latter then the distinctions between central bank gold and member states gold become a little blurred and the significance of the former (cbg) becomes diminished. Are the regulations available? World Gold Council?

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