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

To: lorne who wrote (37454)	7/21/1999 5:28:00 PM
From: John Hunt	Read Replies (1) \| Respond to of 116770

Leach sees Congress blocking IMF gold sales << Jim Leach, the influential chairman of the House of Representatives Banking Committee, said on Wednesday he opposed sales of gold from International Monetary Fund reserves and expected the rest of Congress to do the same. ''I strongly support debt relief but will oppose the gold sales,'' the Iowa Republican told Reuters. ''Congress is likely to preclude gold sales as part of debt relief.'' The IMF, backed by the U.S. Treasury, wants to sell some 10 million ounces of gold and use the money to fund programs of debt relief and low-interest loans for poor countries. But the plan cannot go ahead unless the U.S. Congress approves -- and many lawmakers have already signalled their opposition. Gold producers have been lobbying Congress to reject the plan. ''A number of countries in Africa have major mining industries that would be devastated,'' Leach said. ''It would be too much for the gold markets to bear.'' But Leach also made clear that some compromise solution might be possible in the thorny debate. Republican Congressman Spencer Bachus on Tuesday suggested transfering gold back to the U.S. Federal Reserve, one of the central banks that donated it to the IMF, and the fund is examining the idea of selling gold to central banks rather than to the market. >> biz.yahoo.com