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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Bill Murphy who wrote (5862)5/7/1999 4:34:00 AM
From: ForYourEyesOnly  Read Replies (2) of 80881
 
"Got a supermodel on my 'D'...."

But the UK has your number:

UK Treasury to sell 415 tonnes of gold over medium term

LONDON ( AFX ) - The UK Treasury said it is to sell 415 tonnes of gold in the medium term, reducing its gold holdings contained within the official reserve to around 300 tonnes from the present level of 715 tonnes.

It intends to sell 125 tonnes of gold, 3 pct of total reserves, during 1999/2000, with the Bank of England conducting five auctions on the Treasury's behalf. It said auctions are to be held every other month starting on July 6.

The Treasury envisages selling similar quantities of gold in subsequent financial years.

The Treasury said its decision to reduce the proportion of its reserve holdings held in gold was taken in order to achieve "a better balance in the portfolio by increasing the proportion held in currency".

It said the proceeds from the gold sales will be invested in foreign currency assets, with reserves maintained at present levels.

A Treasury spokesman said that, following the sales, the UK's holdings of gold would be consistent with entry into EMU, noting that had the UK entered EMU in the first wave it would have needed to have deposited 140 tonnes with the European Central Bank.
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