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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Greg Ford who wrote (8570)	3/21/1998 4:41:00 PM
From: goldsnow	Read Replies (2) of 116762

Maystadt reiterates Belgian gold sold to cen banks 05:25 a.m. Mar 21, 1998 Eastern YORK, England, March 21 (Reuters) - Belgian Finance Minister Philippe Maystadt reiterated on Saturday gold sold recently by the National Bank of Belgium went exclusively to central banks. ''The buyers were only central banks. This has not had any impact on the gold market during this period,'' Maystadt told reporters at a meeting of European finance chiefs. The NBB announced last week it had sold 299 tonnes of gold to five unnamed central banks, leading analysts to speculate whether the gold had subsequently leaked on to the market, depressing prices. Belgian officials confirmed separately that the government was likely next week to propose legislation enabling the proceeds from the gold sale to be used to pay off some of the country's debt, in line with a similar 1996 operation. Belgium's debt, at around 120 percent of gross domestic product, is twice as high as the reference level for countries wanting to take part in European economic and monetary union (EMU). ((York Newsroom 0044 (0) 1904 666686)

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