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To: C Hudson who wrote (39890)	9/1/1999 8:44:00 PM
From: Alex	Read Replies (3) \| Respond to of 116795

IMF seen finalizing alternative gold sales plan By Mark Egan WASHINGTON, Sept 1 (Reuters) - The International Monetary Fund is finalizing a plan for central banks to buy some of its gold reserves, freeing up about $2 billion to pay for debt relief for the world's poorest nations, sources at the fund said on Wednesday. Under the plan central banks would buy part of the fund's gold reserves and the IMF would set up a trust fund for debt relief with profits from the sale, IMF sources told Reuters. The central banks would then pay future contributions to the IMF with gold instead of cash, in order to appease opponents of IMF open-market gold sales, the sources said. One source described the plan as ``the skeleton, with technicalities and details to be worked out later,' stressing that nothing was set in stone. When the International Monetary Fund announced earlier this year that it would sell 10 million ounces of gold on the open market to fund debt relief for 41 of the world's poorest nations the plan met with a wall of criticism. A patchwork of opposition from U.S. lawmakers, the gold industry and countries as far afield as South Africa denounced the plan which they claimed would roil already depressed gold prices and hurt poor gold producing countries. The IMF's proposed open-market sales suffered a fatal blow when gold hit a 20-year low in July after the Bank of England sold 25 tonnes of gold as part of its plan to cut its reserves by 415 tonnes. Now with the clock ticking down the final weeks before the IMF's annual meeting in late September, its self-imposed deadline to find a solution to the gold-sales problem, officials at the fund are finalizing a plan which they hope will silence objections. Under the plan being considered, the IMF would sell part of its gold reserves to a group of central banks at market value. Since the fund values the gold on its books at about $46 per ounce, selling the gold at market value, currently at about $254 per ounce, would net more than $200 profit per ounce, or more than $2 billion. The fund would return $46 per ounce back to its General Resource Account then transfer the $2 billion in profits to a trust fund. The trust would invest the $2 billion and use the proceeds to fund the debt relief initiative and also its Enhanced Structural Adjustment Facility. ESAF offers concessional loans to struggling countries. The central banks which bought the gold would promise to pay future IMF contributions in gold instead of cash, which is permitted under IMF rules. That would bring the bullion full circle, returning it to its original home in the IMF vaults. The debt relief plan, which builds on an earlier framework, was agreed by the Group of Seven nations this summer in Cologne. The IMF's obligation under the expanded Highly Indebted Poor Countries Initiative debt relief plan is $2.3 billion. The $2 billion in profits from the gold sales would generate profits over time which would allow the IMF to fund both its HIPC obligations and make up the funding shortfall in its ESAF loan program, sources said. Sources in Congress called the plan a ``promising approach' and more likely to secure Congressional approval than the original open-market gold sales plan but noted there could still be heated debate among lawmakers. Should the U.S. be among the central banks buying IMF gold, separate Congressional authorization might also be needed. Oxfam, a charity which has among the groups pushing for increased debt relief, welcomed the possible solution to the thorny gold sales issue. ``This meets our goal of financing the fund's share of debt relief with the IMF's gold and avoids the political pitfalls of open-market gold sales,' said Oxfam spokesman Seth Amgott. ``Now the issue is funding the other 90 percent of the Cologne plan.' The overall HIPC plan agreed to in Cologne calls for debt relief of $23.7 billion. The World Gold Council, which has mounted a campaign against the open-market gold sales, also welcomed the possible solution. ``It certainly looks like a huge advance over the notion of open market sales and I think it should alleviate some of the current pressures on the gold market,' the council's spokesman George Milling-Stanley said. The IMF has a stockpile of 103 million ounces of gold making it the second largest bullion holder in the world. Its gold is kept at the New York Federal Reserve Bank, the Bank of England, the Bank of France and the Reserve Bank of India. biz.yahoo.com

To: C Hudson who wrote (39890)	9/1/1999 8:56:00 PM
From: Winzer	Respond to of 116795

<< It would be of help to the Gold Anti-Trust Action Committee if someone on the internet could help me access these records.>> Maybe Mr. Juliani might have a few suggestions? (LOL). Poor Hillary, Slick was probably looking for a way to pay her back for his moments of weakness. Tony Blair was posturing to join his buddy Bill in NAFTA. Whatever! Winzer

To: C Hudson who wrote (39890)	9/1/1999 9:38:00 PM
From: Enigma	Read Replies (2) \| Respond to of 116795

As Hillary is (only) the wife of a public figure is she required to have a blind trust? Looks like pretty spurious gossip mongering to me. d

To: C Hudson who wrote (39890)	9/1/1999 11:30:00 PM
From: Zardoz	Respond to of 116795

A highly sophisticated source has informed me that he understands that a blind trust set up for Hillary Clinton, shorted gold financial instruments just before the Bank of England gold sale announcement on May 7, 1999. Uhmmm, it's a blind trust, how would he know? The trading activity in a blind trust of a major public figure such as Hillary Clinton must be a matter of public record. Why? It's a blind trust. Gata has reached an all time new low to point fingers and look for others to blames. Once again I say this: I believe All GATA directors should post their last 5 years of trading positions. Since maybe their motives are being used in this political vendetta. Hutch PS: I care little about GATA, but feel they are out to lunch.

To: C Hudson who wrote (39890)	9/2/1999 12:28:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116795

And this is how they did it: 1)1) US $ begins falling against Yen. 2) US stock market starts tanking 3) ?News Breaks? that Russia is in trouble with the laundering of funds through Bank of NY 4) Gold moves up by $2.00 to above $255. 5) Russia ?announces? an increase of 2% production in gold for next year (despite profit / loss situation on Russian gold production). 6) Gold falls by $2.00 7) Summers ?announces? $15B laundered through Bank of NY was ?not from IMF funds?. Quid Pro quo?