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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.90

+0.9%

Nov 18 4:00 PM EST

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To: John Hunt who wrote (33371)	5/7/1999 5:28:00 PM
From: John Hunt	Read Replies (1) of 116762

Treasury says U.S. not planning to sell gold << The U.S. Treasury Department said on Friday it does not intend to sell any of its gold reserves after Britain shocked markets by announcing it will sell more than half its hoard of gold over the next few years. ''We are not contemplating any change in our policy with respect to U.S. gold reserves,'' a Treasury spokesman told Reuters in response to questions. ''We have no plans to sell U.S. gold reserves.'' Britain said it will sell 125 tonnes of gold in the 1999/2000 financial year and similar amounts in following years until its current 715-tonne stockpile was cut to 300 tonnes. The announcement rocked gold markets and sent prices of the precious metal reeling downward. The British government said it was replacing the gold it sells with other assets in the world's leading currencies -- the euro, dollar and yen. Analysts interpreted it as a move to drop gold because it was a poorly performing asset. Other countries have done the same, including Switzerland in April. The United States, as of last week, held $11.047 billion of gold stock as part of reserve assets that totaled $73.681 billion, according to Treasury Department figures. Like other countries, the United States also counts other countries' currencies as well as special drawing rights and a substantial reserve position with the International Monetary Fund as part of its official reserve assets. A country's reserve assets essentially represent the proof that it can meet any current or near-term claims made against it and so provide credibility for national finances. >> biz.yahoo.com

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