Monaco Bank Muses on Gold & ECB
Sorry, no link -- this came to me via fax from a Swiss shareholder in my company, International Freegold.
"I want to summarize an article in French, written by a Bank in Monaco. They quote that the Board of the European Central Bank, to be officially created by July 1st, 1998, will need to decide on their reserves in a meeting, held May 2nd/3rd. The only currencies available are the dollar, the Swiss Franc and the yen. The yen could be represented by 20 to 25% and the SFr between 5 and 10%. The remaining 70% will have to be shared by the dollar and gold. The gold reserves of today, held by the European Central Banks, average about 23%. The Italian Minister of Finance quoted recently that the reserves of the ECB should not be less than that of Italy, being 28%. The common feeling is that they might fix it around 30%. Apparently Homestake was recently financed by a German industrialist, von Fink, with about US$100 mio. This is also taken as a sign of some changes in the European mentality regarding gold."
Needless to say, I put the above in quotes because it is unsubstantiated information, particularly in regards to the Homestake financing.
Douglas Hickey
Manager, Investor Relations
International Freegold |
