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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (35353)	6/14/1999 9:28:00 PM
From: Baba 2	Read Replies (2) \| Respond to of 116756

rh, The move may come after the BOE (bank of embarassment) gives away their gold on July 6th. Have you seen the terms of the sale??..They will give the gold to the LOWEST bidder.....THE LOWEST BIDDER?????...are they buying it or selling it....Who sells to the lowest bidder....Are the English that stupid????...Can't talk right anyway. Perhaps that's their problem....

To: long-gone who wrote (35353)	6/14/1999 9:29:00 PM
From: lorne	Respond to of 116756

CBC Denies Taiwan to Sell Gold Reserves 1999.06.15¡@2:39am Taiwan time updated Taipei, June 14 (CNA) The Central Bank of China (CBC) is neither under necessity, nor will it sell its gold reserves, said an official of the Issue Dept. of the CBC of the Republic of China on Monday. The official refuted reports that the CBC intends to sell its gold stock in response to world gold prices dropping 10 percent since early May. The recent plunge of the price of gold was triggered by concern the International Monetary Fund (IMF) intends to sell as much as 10 million ounces of its gold stock to finance debt relief for some of the world's poorest countries. The IMF reportedly holds about 103 million ounces of gold, the second-largest stockpile in the world, following the US. A ranking official at the CBC's Issue Dept. pointed out that in the wake of the UK's decision to sell 415 tons of its gold stock over the next several years, the central banks of several other countries have followed suit. The mass sell-off has resulted in a current price of less than US$260 per ounce. Since Taiwan is not an IMF member, remarked a CBC official, its gold should be held in reserve in case there are future financial crises. Thus the CBC has no necessity to sell its gold reserves, the official added. At the end of May, the CBC held about 13.57 million ounces of gold reserves, according to latest statistics of CBC's Issue Dept. Although gold prices have fluctuated heavily in recent years, the CBC did not purchase or sell any gold reserves during that period, stressed the official. chinatimes.com.tw