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Gold/Mining/Energy : Gold Price Monitor

GDXJ 129.79

+4.6%

4:00 PM EST

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To: PaulM who wrote (24451)	12/17/1998 4:22:00 PM
From: Alex	Read Replies (3) of 116958

GOVERNMENT METAL REPORTS: LOWER SWISS HOUSE APPROVES GOLD AMENDMENT <Picture> New York-Dec. 17-FWN--THE LOWER HOUSE OF SWITZERLAND'S parliament has approved a constitutional amendment that would allow the country to reduce its gold reserves, according to traders and news reports. Sources noted, however, that the proposal still is far from final approval. It must pass the upper house next year. Then it would have to go to the masses in a referendum during the year 2000. An opinion poll commissioned by the World Gold Council earlier this year showed that 69% of the Swiss public believes that reserves are an important element of the country"s monetary system. Nevertheless, market watchers linked today"s vote in the lower house to some of the softness in gold prices today, since it is the first step toward potentially allowing sales. If approved, the measure could allow sales of some 1,300 metric tons, contacts said. The vote was 95 to 57, according to reports.

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