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

To: Alan Whirlwind who wrote (45957)	12/14/1999 7:16:00 AM
From: Alex	Respond to of 116786

Swiss gold sales law wins parliamentary approval BERNE, Dec 14 (Reuters) - Switzerland's new currency law that authorises the sale of 1,300 tonnes of excess gold reserves won final parliamentary approval on Tuesday after both houses ironed out minor technical differences. The law must be officially published and faces a three-month period in which any opponents could try to force a referendum on the measure. Barring this unlikely event, Swiss National Bank officials have said they expect the legislation to be in effect in time for gold sales to start around May 1, 2000. Minerals-gold-swiss Berne SNB Vice-Chairman Jean-Pierre Roth told the central bank's year-end news conference last week that passage of the currency law was in effect the last hurdle to Swiss gold sales. Once it takes effect, ``the National Bank will value gold at the market price and become active in the market, free from the shackles of legal regulations,' he said. The Swiss National Bank has 2,590 tonnes of gold on its books, of which analysts believe 1,300 tonnes can safely be sold without jeopardising the conduct of monetary policy. The SNB and 14 other European central bank pledged in September to limit sales to 2,000 tonnes over five years at around 400 tonnes annually. biz.yahoo.com