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

To: Alex who wrote (40151)	9/9/1999 1:25:00 PM
From: John Hunt	Read Replies (2) \| Respond to of 116798

IMF plans to renounce further gold sales << The International Monetary Fund is planning to revalue 10 million ounces of gold, avoiding open-market sales, and plans to renounce further sales to calm nervous gold markets, an IMF document said on Thursday. The internal document, obtained by Reuters, showed that the fund plans to revalue part of its gold reserves to fund a debt relief initiative for 41 of the world's poorest countries. Under the plan none of the IMF's gold would be sold on the open-market, a prospect which had spooked gold markets. The fund is also considering a public statement to assure the gold market that future sales are also out of the question. The document said many of the fund's directors believed "that a public statement ... should effectively limit the amount of gold that the fund would use for this purpose and would renounce any further gold sales for a given period of time in the future." >> ... cont'd at ... abcnews.go.com