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Gold/Mining/Energy : Gold Price Monitor

GDXJ 110.89

+1.8%

Dec 10 4:00 PM EST

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To: philv who wrote (11205)	5/4/1998 1:02:00 AM
From: Abner Hosmer	Read Replies (3) of 116808

Phil - I have to go along with Andy Smith on this one. The rules governing individual countries disposition of their remaining gold reserves seems to be deliberately vague, requiring at best that sales be previously vetted by the governors of the bank. The only implication that I find in this is that sales will be conducted in a more orderly fashion. With the Euro taking over, it may be that the incentive for individual states to maintain their own reserves will be diminished. I would like once again to point out that there is a difference between a currency being 30% "backed" by gold and holding 30% of your reserves in gold, the obvious point being that reserves represent only a fraction of currency in circulation, so the actual "backing" would be a fraction of 30%. Regardless, I will be surprised if they decide on that high a figure. I think that the last thing any of the central banks wants is to emphasize the value of gold as a reserve asset. Tom

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