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

To: Bobby Yellin who wrote (41790)	10/1/1999 1:38:00 PM
From: Alex	Respond to of 116764

Swiss Nat Bank says will be prudent on gold sales ZURICH, Oct 1 (Reuters) - The Swiss National Bank will take proper care not to disrupt markets as it proceeds with plans to sell off around 1,300 tonnes of excess gold reserves, SNB Chairman Hans Meyer said on Friday. ``I should like to underline once more that we do not underestimate the significance of abundant currency reserves. The sky, however, cannot be the limit,' Meyer said in the text of an address to the Swiss-American Chamber of Commerce in New York. ``It will be in our own interest to exercise the necessary diligence when converting part of our gold holdings into interest-bearing assets. This includes close contacts with institutions with which we entertain friendly relations,' he said. The SNB was one of 15 European central banks that announced this week they would coordinate gold sales so that no more than 2,000 tonnes comes onto the market in the next five years. No Swiss sales can start until enabling legislation now making its way through parliament takes effect, probably early next year. The SNB now has 2,590 tonnes of gold on its books, but intends to gradually sell off around half that is no longer considered necesary to conduct monetary policy. biz.yahoo.com