To: John Hunt who wrote (45631 ) 12/6/1999 12:09:00 PM From: Alex Read Replies (1) | Respond to of 116764
Dutch cen bank to keep dates of gold sales secret AMSTERDAM, Dec 6 (Reuters) - The Dutch Central Bank said on Monday the exact dates of its sales of 300 tonnes of gold over five years would not be announced in advance. ``We will not comment on exactly the way or when we are going to sell precisely. When the sales have taken place, you can easily see it from the weekly financial statement of the Dutch Central Bank or from the ECB,' spokesman Olaf Sleijpen told Reuters. One reason for not informing the market in advance was to lessen the impact of the sales, in contrast to the public auction system the Bank of England was using for its sales, he added. The Dutch central bank put out a statement saying the sale, to be handled by the Bank for International Settlements in Switzerland, was in line with an agreement in September by 15 central banks to limit gold sales to 2,000 tonnes over the coming five years and about 400 tonnes annually. Sleijpen declined to say if the bank, which also sold 300 tonnes of gold in 1996, would sell additional bullion after the five year period. The statement said 100 tonnes of the Dutch gold sales would take place in the first year, but Sleijpen said it had not been decided the breakdown of the additional 200 tonnes over the next four years. He said the Dutch central bank decided last year, in connection with Economic and Monetary Union (EMU) by European states, to hand over five billion guilders ($2.28 billion) of its reserves to the Dutch government. The gold sales were decided in principle last year to replenish those reserves but the details were only agreed recently, Sleijpen said. ($1 equals 2.198 Guilder) --------------------------------------------------------------------------------biz.yahoo.com