Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Bobby Yellin who wrote (39877)	9/1/1999 9:12:00 AM
From: goldsnow	Read Replies (1) \| Respond to of 116995

N.Y. Bank Probe Widens - Report 02:47 a.m. Sep 01, 1999 Eastern WASHINGTON (Reuters) - Dozens of banks around the globe were involved in transfers of money through Bank of New York accounts that appear to have served in part as a money-laundering operation for Russian organized crime and others, the Washington Post reported Wednesday. Quoting unidentified officials close to the investigation, the newspaper said that using international electronic banking networks, financial institutions from Russia and as far afield as England, China and Australia, sent or received funds totaling billions of dollars through business accounts run by Benex International Co. and nine or more other companies linked with the person who controls Benex. The breadth of contact with these suspicious accounts means that financial institutions around the world could be drawn into the unfolding probe of whether the Bank of New York was used in an alleged scheme to hide $10 billion or more over the past two years, the officials told the Post. It also raises questions as to whether all of the money flowing through the accounts originated in Russia, the newspaper said. ``Sure, a lot of it was from Russia, but by no means was it all,' one official told the Post. ``It's banks on both sides of the Bank of New York ... Are there a number of blue-chip banks? The answer is yes, and from around the world.' The Bank of New York has not been accused of any wrongdoing and no one has been charged. Bank officials have said they are assisting investigators. The disclosure that dozens of banks were sending or receiving money from the accounts underscores the challenges investigators face in determining the original sources of the money and proving that the accounts were used for illegal purposes, the newspaper said. So far, federal investigators have not determined whether any of the transactions violate U.S. money-laundering laws, according to the officials quoted by the Post. Copyright 1999 Reuters Limited.

To: Bobby Yellin who wrote (39877)	9/1/1999 10:25:00 AM
From: Alex	Respond to of 116995

Gold sales would harm poor countries - IMF document By Mark Egan WASHINGTON, Aug 31 - The proposed International Monetary Fund sale of part of its gold reserves could cost 15 poor countries almost half a billion dollars in lost export earnings, internal IMF documents revealed on Tuesday. The documents, obtained by Reuters, projected open-market gold sales could reduce gold prices in the short term and cut the export earnings of 15 countries targeted under the Heavily Indebted Poor Countries (HIPC) debt relief initiative by about $440 million over five years. But the papers said those 15 countries would receive $7.2 billion dollars under an initial HIPC initiative and as much as $14 billion under a later proposal to enhance debt relief. Most of the lost export earnings, according to the documents, would be in five gold-producing countries: Bolivia, Ghana, Guinea, Guyana and Mali. Those countries would lose a total of about $380 million over five years if gold prices fall by $20 an ounce -- the hypothetical amount assumed by the authors of the IMF report. The five countries qualify for $1 billion of debt relief under the initial initiative and $3.3 billion under the enhanced scheme. The IMF's plan to sell 10 million ounces of gold on the open market to fund debt relief for the world's poorest nations was slammed by U.S. lawmakers and gold lobbyists who said the sales would harm those countries it aimed to help. The plan came under more criticism after gold hit a 20-year low in July when the Bank of England sold 25 tonnes of gold as part of its plan to cut its reserves by 415 tonnes. The IMF and U.S. Treasury have been considering alternatives to open market sales in recent weeks, effectively acknowledging that open market gold sales were no longer being considered. The IMF said in a statement its board had met again to discuss alternatives to open market gold sales. "The IMF executive board met Monday to discuss steps to secure financing for the continuation of the Enhanced Structural Adjustment Facility (ESAF) and the Heavily Indebted Poor Countries Initiative," IMF spokesman William Murray said. "The board is also exploring the technical aspects of the modalities of gold sales that would minimize or avoid any adverse impact on the market while maximizing revenue and ensuring transparency of such transactions," he said. Critics have said the sale of IMF gold would further depress its price and hurt gold producers. Under the plan the IMF would sell 10 million ounces of gold and then reinvest the proceeds to generate funds to finance its obligations under the HIPC plan to relieve the debts of 41 poor countries. Funds would also help make the IMF's ESAF low-interest loan program become self-funding. Many in Congress are also opposed to expanded funding for ESAF, the fund's low interest loan program, in whatever form that funding might take because they say the program imposes overly restrictive fiscal policies on poor countries. yahoo.co.uk