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

To: Lalit Jain who wrote (39433)	8/22/1999 10:46:00 PM
From: Alex	Respond to of 116814

No SADC action on gold sales REGIONAL SUMMIT By JUSTICE MALALA THE SOUTHERN African Development Community this week rejected a proposal to send new chairman, Mozambican President Joaquim Chissano, on a mission to the G7 countries, Russia, Switzerland and the US Congress to ask them to reconsider the proposed sales of gold reserves. The proposal, made by the SADC secretariat to the organisation's 14 heads of state at their summit in Maputo this week, said the delegation would outline the "problems likely to be faced by most gold producers and those countries, not necessarily gold producers, which derive income from gold and supply labour to mines, and by downstream industries and services. The objective of the initiative is to request the suspension of the gold sales by all G7 central banks and the International Monetary Fund in order to avoid depressing the gold price further," according to the proposal. However, the region's heads of state proposed no action to be taken on gold sales. At the conclusion of their meeting, outgoing SADC executive secretary Kaire Mbuende merely announced the summit had "expressed concern" at the decision to sell off reserves. The summit also called on the G7 to write off the debts of poor countries as "they have the capacity to do so". It said the IMF should explore other possibilities of dealing with the debt issue other than through gold sales. btimes.co.za