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Gold/Mining/Energy : Gold Price Monitor
GDXJ 94.04+0.6%Nov 21 4:00 PM EST
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To: Enigma who wrote (34250)5/20/1999 3:28:00 PM
From: Alex  Read Replies (5) of 116764
 
Greenspan rejects proposals to sell US gold holdings

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--Greenspan says gold is viewed as "element of stability" By Edward Kean, Bridge News Washington--May 20--Federal Reserve Chairman Alan Greenspan said today he disagreed with proposals that the US should sell its gold holdings. He said gold is perceived to be an "element of stability," including in the value of a country"s currency. Responding to a statement by one lawmaker that renowned US economist Milton Friedman would advise the US to sell its gold holdings, Greenspan said that he normally agrees with Friedman"s comments, but not in this case. Greenspan said gold still represents the "ultimate form of payment," noting gold is "always accepted" as a payment. Central banks have been reducing their gold holdings in recent years. Asked about the practices of central banks that sell their gold holdings and their impact on financial markets, Greenspan said central banks are aware that the price of gold will go down once it is announced they are selling their gold holdings and that they will be able to get it back at a lower price. Greenspan said he suspects most central banks believe it inappropriate to take advantage of private financial participants in that regard. Bridge News, Tel: (202) 662-7107 Send comments to Internet address: econ@bridge.com
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