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To: John Hunt who wrote (36078)	6/28/1999 9:03:00 PM
From: long-gone	Respond to of 116752

<<U.S. legislation slated to block IMF gold sales>> And more than a few Democrats will freely support it, and yet others will dare not vote against it.

To: John Hunt who wrote (36078)	6/28/1999 9:46:00 PM
From: Alex	Read Replies (2) \| Respond to of 116752

The 'just in case' line................. << TOP STORIES: MACQUARIE BANK SEES LITTLE BENEFIT IN STOPPING IMF GOLD SALES London--Jun 28--Any blocking of International Monetary Fund gold sales by US Congress may not be as beneficial for the gold market as many seem to think, according to a report from Australia"s Macquarie Equities. Macquarie argued that, after an initial short-covering recovery in prices, the market would turn its focus back to the issue of the much larger sale plans by the UK Treasury and the Swiss National Bank. (Story .17371) >>

To: John Hunt who wrote (36078)	6/28/1999 10:59:00 PM
From: lorne	Read Replies (1) \| Respond to of 116752

Sex gives old miner a run for punters' money By LACHLAN JOHNSTON Former gold and diamond explorer Western Minerals made a successful return to the sharemarket as an Internet sex shop yesterday, delivering large returns for its shareholders, particularly the board of directors. Shares in Adultshop.com.au, as the listed company will be renamed later this week, jumped to 27c, more than four times the 6c price the shares were fetching before they were suspended on March 4 ahead of the Internet switch. The price also provided a 35 per cent gain for shareholders who subscribed to the recent 20c apiece share issue, held to raise capital for the Adultshop.com to supply money for marketing. Members of the board of directors hold about 60.5 million shares and 31.4 million options between them. Executive directors Mr Malcolm Day and Mr Rod Smith control about 59 million shares, plus 30 millions options between them and were yesterday about sitting on a $12.6 million paper profit from their shares. Mr Day and Mr Smith own and manage the Barbarella sex shop chain, and established the Adultshop.com business, before selling the Web site to Western Minerals in return for 44.02 million shares, priced at 3c each, and 2.5 million options each, priced to be exercised at 20c. Last Friday the pair also backed the Barbarella business, which has 21 shops in Australasia, into Adultshop.com in exchange for $15 million cash, and 25 million options, which have staggered exercise prices between 20c and 80c. Adultshop.com chairman Mr Hans-Reudi Moser, a German-based investor, holds 1.5 million shares bought while the company was still a miner and was recently granted 500,000 options, exercisable at 20c. The remaining non-executive directors also benefit with Mr Susmit Shah holding 50,000 shares and 650,000 options, exercisable at 20c, and Mr Patrick Flint holding 325,000 options also exercisable at 20c. The listing commanded considerable interest among retail investors, with more than 27 million shares changing hands yesterday. Hartley Poynton, Macquarie Equities and DJ Carmichael dominated buying while William Noall and ANZ Securities were the largest sellers. DJ Carmichael underwrote the recent new issue of shares and also announced last week that it would underwrite the 42 million options due to expire at the end of the present financial year tomorrow. smh.com.au Hi John. I'll leave any humor to the good posters. :o) Lorne

To: John Hunt who wrote (36078)	6/29/1999 10:14:00 AM
From: hunchback	Read Replies (1) \| Respond to of 116752

IMF GOLD SALES WOULD BE BLOCKED EXCEPT FOR RESTITUTION -- Legislation Would Protect Taxpayers' Interest -- 06/28/1999 WASHINGTON, D.C. –New legislation will soon be introduced to block proposed IMF gold sales, Joint Economic Committee (JEC) Vice Chairman Jim Saxton announced today. The new legislation would prevent IMF gold sales unless they are in the form of a restitution to the member countries in proportion to their contributions during the period when gold was the central resource of the IMF. The restitution would be at book value at a price far below the current market price and comparable to that at which the gold originally was contributed. The difference between the official IMF price of gold equal to $47 per fine ounce and its market price of $260 creates a huge hidden IMF reserve, and the potential for sizeable profits on gold sales. At issue is whether profits from gold sales should go to the IMF or to the member countries from whence the gold originally came. "This new legislation will highlight the choice before Congress as it considers the IMF gold sales plan," Saxton said. "The IMF can mine these gold profits only by drilling the taxpayers. The gold can be used either to bailout the IMF and its failing lending program, or to benefit the taxpayers who financed these contributions in the first place. Once Members of Congress examine the facts and realize that approximately $22 billion in gold profits and taxpayer benefits could ultimately be at stake, the gold sales proposal should be in even greater jeopardy. "The IMF gold sales proposal taps a hidden reserve of gold profits that otherwise could be returned to contributing countries and their taxpayers. This proposal would set a bad precedent since about $22 billion in potential taxpayer benefits would be placed at risk over the longer run. If this proposed gold sales plan goes forward, it will be only a short time until the IMF proposes additional sales. My bill would put the hidden reserve of gold profits out of the reach of IMF bureaucrats now and in the future. "Of the $22 billion or so of potential gold profits, the U.S. share could be in the range of at least $5-6 billion. Although the current gold sales proposal is relatively modest, there is the potential danger that the gold profits may be regarded as a bonanza for future proposals. This legislation would put all of these potential gold profits out of the reach of IMF functionaries and encourage their eventual return for the benefit of taxpayers. "In the immediate future, the bulk of the gold should be retained as a sort of loan loss reserve given the IMF's heavy exposure in Russia, Indonesia, and elsewhere. Once it is prudent to consider limited and gradual gold sales, restitution to members should be given the highest priority. "The lack of clarity and openness in the current proposal shows how an absence of financial transparency can be adverse to the interests of taxpayers and sound policy. It is unfortunate that a complete disclosure and explanation of the implications of the IMF gold sales proposal was never made by its proponents," Saxton concluded. house.gov