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To: Alex who wrote (40189)	9/10/1999 5:29:00 PM
From: lorne	Respond to of 116760

Gold is mentioned once so I guess its on topic.? Excuse us? WHO scooped the agenda for the June, 1999, Bilderberg Conference in Sintra, Portugal? " Those are the key topics, Paul, so far: there are some oil items > and financial [IMF; US economy and stock market; gold market > manipulation] topics to be reviewed, too, but I've highlighted the > ones which most interested us." inforamp.net

To: Alex who wrote (40189)	9/10/1999 7:05:00 PM
From: Lalit Jain	Read Replies (5) \| Respond to of 116760

U.S. endorses IMF gold revaluation plan By Mark Egan WASHINGTON, Sept 10 (Reuters) - The United States on Friday endorsed the International Monetary Fund's plan to revalue its gold to fund debt relief, adding to a positive reception from U.S. lawmakers and virtually assuring the plan will succeed. The plan, which replaces an earlier contentious plan to sell IMF gold on the open-market, was welcomed by U.S Treasury Secretary Lawrence Summers. ''The IMF has laid out an approach that will make it possible to mobilize the IMF gold reserves without gold sales,'' Summers told reporters after a news briefing. ''I believe that is a constructive approach.'' The plan, which will see the IMF revalue part of its massive gold reserve to unlock $2.1 billion in profits to fund debt relief for impoverished nations, requires an 85 percent majority vote at the IMF's board next week. The board rarely votes against the wishes of its largest shareholder, the United States, meaning the plan should be approved when the fund's board discusses it for the last time next week. Thomas Dawson, the IMF's external affairs director, said he expects the board finally to resolve the matter next week. ''There is every expectation it will be concluded before the end of next week,'' Dawson said, adding that the board had yet to set a firm date for next week's discussion. Under the new plan, revealed through IMF documents obtained by Reuters this week, the IMF would sell its gold at market prices to countries which had payments coming due for past loans. Those countries would then pay their IMF obligations in gold. While the gold would be sold, it would never hit the open market and so should not hurt the price of gold. The plan replaces an earlier plan to sell 10 million ounces of the fund's 103 million ounce reserve which had met with stiff opposition from U.S. lawmakers and others who claimed gold prices would fall and poor gold producing countries would be harmed. The fierce opposition of U.S. lawmakers to using IMF gold reserves to fund debt relief has thawed now that details have been released of the new plan. Two key Republicans, who will be pivotal in approving the scheme when it comes up for debate in the U.S. Congress, welcomed the plan as a viable alternative on Wednesday. Republican Jim Leach, chairman of the House of Representatives Banking Committee, called the new IMF plan, ''preferable to the original plan.'' Alabama's Spencer Bachus, who heads the House Banking subcommittee, which will initially debate the plan, also embraced the proposal. Friday's endorsement from Summers, coupled with the new-found warmth from U.S. lawmakers, would seem to assure the issue should be resolved to allow debt relief for 41 of the world's poorest countries to proceed as planned. IMF documents also revealed the fund may make a public statement renouncing future sales, possibly later this month, to further calm gold markets which were spooked by the possible sale of IMF gold. The complex revaluation transaction, which could be completed by the first quarter of next year, unlocks about $2.1 billion in profits. The profits are realized because the fund values the gold on its books at just $46 an ounce whereas the actual price of gold is close to $260 an ounce. The IMF needs the money to fund its obligations under the Heavily Indebted Poor Countries initiative and also to help fund its low-interest loans to developing nations.