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To: Alex who wrote (38426)	8/5/1999 6:14:00 PM
From: Lalit Jain	Read Replies (1) \| Respond to of 116791

IMF gold sale uncertainty priced in, dealers say By Patrick Chalmers LONDON, Aug 5 (Reuters) - Gold prices reflect uncertainties over United States support for IMF gold sale plans and will require fresh news or U.S. lawmakers' formal rejection of sales to react, London dealers said on Thursday. Gold held in ranges during European trade, surrendering Asia gains made on Japanese physical demand to last trade unchanged on Wednesday's New York close of $259.90/$256.40. Its mixed performance came despite overnight remarks by key members of the U.S. House that open market IMF gold sales were unlikely as the Treasury Department considered other options. ''This IMF story has been in the market for such a long time. I don't think dealers will take it seriously until there's some fresh news,'' said one London dealer. ''The sales seem more unlikely the more they are talked about,'' the dealer added, voicing a sentiment expressed by several others in London. The Group of Seven most industrialised countries has backed an IMF proposal for gold sales of up to 10 million ounces to help fund debt relief for 41 of the world's poorest countries, many of whom are gold producers. But the plan looks increasingly likely to fall foul of U.S. Congress, which holds an effective veto on the issue because of the country's voting weight within the IMF. Alabama Representative Spencer Bachus, who attended a meeting on Wednesday with U.S. Treasury Secretary Lawrence Summers, told Reuters the issue of IMF gold sales, which hit a wall of opposition in Congress and elsewhere, was no longer being considered as a viable option by the administration. Jim Leach, chairman of the powerful House Banking Committee, said overnight the meeting had produced ''mutual understandings'' that the gold sales issue would be removed as an obstacle to debt relief plans. Leach, a Republican from Iowa, said a number of alternatives cropped up at the meeting, among them the idea of revaluing IMF gold closer to market prices to give the institution more assets with which to furnish debt relief. Others familiar with the talks said Treasury had shelved open market sales and dismissed proposals that the IMF gold be repatriated to the original donor countries. biz.yahoo.com

To: Alex who wrote (38426)	8/5/1999 6:17:00 PM
From: Lalit Jain	Respond to of 116791

IMF gold sale uncertainty priced in, dealers say By Patrick Chalmers LONDON, Aug 5 (Reuters) - Gold prices reflect uncertainties over United States support for IMF gold sale plans and will require fresh news or U.S. lawmakers' formal rejection of sales to react, London dealers said on Thursday. Gold held in ranges during European trade, surrendering Asia gains made on Japanese physical demand to last trade unchanged on Wednesday's New York close of $259.90/$256.40. Its mixed performance came despite overnight remarks by key members of the U.S. House that open market IMF gold sales were unlikely as the Treasury Department considered other options. ''This IMF story has been in the market for such a long time. I don't think dealers will take it seriously until there's some fresh news,'' said one London dealer. ''The sales seem more unlikely the more they are talked about,'' the dealer added, voicing a sentiment expressed by several others in London. The Group of Seven most industrialised countries has backed an IMF proposal for gold sales of up to 10 million ounces to help fund debt relief for 41 of the world's poorest countries, many of whom are gold producers. But the plan looks increasingly likely to fall foul of U.S. Congress, which holds an effective veto on the issue because of the country's voting weight within the IMF. Alabama Representative Spencer Bachus, who attended a meeting on Wednesday with U.S. Treasury Secretary Lawrence Summers, told Reuters the issue of IMF gold sales, which hit a wall of opposition in Congress and elsewhere, was no longer being considered as a viable option by the administration. Jim Leach, chairman of the powerful House Banking Committee, said overnight the meeting had produced ''mutual understandings'' that the gold sales issue would be removed as an obstacle to debt relief plans. Leach, a Republican from Iowa, said a number of alternatives cropped up at the meeting, among them the idea of revaluing IMF gold closer to market prices to give the institution more assets with which to furnish debt relief. Others familiar with the talks said Treasury had shelved open market sales and dismissed proposals that the IMF gold be repatriated to the original donor countries. biz.yahoo.com