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To: Bobby Yellin who wrote (38680)	8/9/1999 1:23:00 PM
From: Alex	Read Replies (3) \| Respond to of 116950

******* FLASH ******** 8/09/99 - Amid complaints, IMF is reconsidering selling gold to finance debt relief <Picture> PRETORIA, South Africa, Aug 09, 1999 (AP Worldstream via COMTEX) -- The International Monetary Fund is reconsidering selling some of its gold reserves to help finance a Western debt-relief plan for some of the world"s most debt-burdened countries, a top IMF official said Monday. A global gold selloff, hastened by the Bank of England"s auction of 3.5 percent of its reserves last month, has sent gold prices down to their lowest level in a generation, triggering bankruptcies, layoffs and street protests in South Africa, the world"s biggest producer of gold. ""We are trying very hard to see if there is an alternative to selling gold,"" said Stanley Fischer, the IMF"s first deputy managing director, who was visiting South Africa for the inauguration of Tito Mboweni as the country"s first black central bank governor. Fischer"s remarks, reported by Dow Jones Newswires, were the first official comment from the IMF since opposition to the proposed sale began mounting in earnest three months ago. Opposition by South Africa and by other gold-producing countries to the IMF plan to sell up to 10 million ounces of its 100 million-ounce reserves has ""caused us to look for another solution,"" Fischer said. South Africa, the world"s leading gold producer, has one of the highest average costs of production, at dlrs 246 per ounce. On Monday, gold was trading at about dlrs 256 per ounce on most major foreign markets. Tens of thousands of miners in South Africa stand to lose their jobs if gold prices continue sliding. ""We listened very carefully to what South Africa has said"" on the issue, Fischer said. Fischer said no obvious alternative to the IMF"s gold sales has been put in place, and any other financing proposal would likely be ""complex"". Copyright 1999 Associated Press, All rights reserved.

To: Bobby Yellin who wrote (38680)	8/9/1999 7:04:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116950

Gold stocks sparkle By Debra McGarry, CBS MarketWatch Last Update: 5:11 PM ET Aug 9, 1999 Movers & Shakers • Stock Discussion • Sector Indexes • Market Snapshot NEW YORK (CBS.MW) -- Precious-metals stocks shone through Monday, pushing the silver and gold index up almost 6 percent amid rising gold lease rates, which climbed above the 4 percent level. The Philadelphia Gold and Silver index ($XAU: news, msgs) advanced 5.7 percent, led by Newmont Mining (NEM: news, msgs), which was up 1 5/8 to close at 20 3/4; Battle Mountain Gold (BMG: news, msgs), which gained 6.9 percent to 1 15/16; and Placer Dome (PDG: news, msgs), up 11/16, or 7 percent, to 10 13/16. Central banks lease out gold and set a lease rate, the rate banks charge intermediaries.Rate increases are bullish for gold prices and subsequently pushes up gold stocks, as was the case for Newmont Mining and other components in the index Monday. The six-month gold lease rate was at 4.3 percent. December gold futures (GC=Z9: news, msgs) rose 60 cents to $259.9 on the New York Commodities Exchange. See Futures Movers. Dave Meger, metals analyst with Alaron, told CBS.MarketWatch.com that "investors are nervous of a move up through the $258 level. "Dollar weakness has pushed bargain hunters in Asia to gold as it's (been) more attractive to investors there," said Meger. Also, the International Monetary Fund said Monday that it's reconsidering plans to sell bullion to help finance a Western debt-relief plan for poor nations. Gold Mining Stock Report editor Robert Bishop says the next big test for the flagging metal will come Sept. 21, the date of the next auction by Britain's central bank. See Thom Calandra's StockWatch. Debra McGarry is a reporter at CBS MarketWatch. cbs.marketwatch.com.