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To: Follies who wrote (46884)	1/8/2000 3:20:00 PM
From: Serge Ladouceur	Respond to of 116764

Summers: US Not Selling Any Gold Reserves Saturday, January 08, 2000 BOSTON (Reuters) - The United States has not sold any of its gold reserves and has no plans to do so, U.S. Treasury Secretary Lawrence Summers said on Saturday. "I categorically deny assertions that U.S. gold reserves were being sold off or that there is any plan to sell them off," Summers told reporters on the sidelines of an economics conference. His denial came amid talk in the gold markets that some of the weakness in the gold price over recent years may have been caused by direct U.S. sales of gold. The International Monetary Fund, for its part, has begun to sell its gold to raise cash to pay for debt relief for some of the world's poorest nations. But the gold never actually reaches the market place: In a complicated transaction, the fund sells its gold at market prices to member countries that owe it cash. The members then use that cash to repay their obligations to the fund. The deal creates windfall profits for the IMF because, under a quirk of international finances, IMF gold is valued at some $48 per ounce, while the market price is around $285. The idea of off-market gold sales was hatched as a way to placate those who feared that direct sales of IMF gold could drive prices lower and hurt the very countries the debt relief is designed to help. Some poor debtor countries are also gold producers.