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Gold/Mining/Energy : Euro Impact on Gold, USD ...
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To: banco$ who wrote (78)12/1/1998 7:55:00 PM
From: banco$   of 289
 
ECB to value gold reserves at market prices:

"On Monday the president of the Dutch central bank, Arnout Wellink, said that the European Central Bank will value its gold reserves at market prices. The central banks of the 11 nations participating in monetary union currently use different methods to value their gold reserves, ranging from market related prices to the Bundesbank's traditionally conservative valuation." (World Gold Council, 1 December 1998, referring to Monday of last week)

Less bullion will be required for EMU if it's assigned higher valuation than that used by Germany or the U.S. Fifteen percent of the ECB reserves will be held in gold.
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