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

To: Alex who wrote (47259)	1/18/2000 8:24:00 PM
From: lorne	Read Replies (3) \| Respond to of 116764

Eurozone c.banks sold 41 tonnes gold since Sept-EC FRANKFURT, Jan 18 (Reuters) - The European Central Bank said on Tuesday that one of euro zone central banks sold 11 tonnes of gold last week bringing to 41 tonnes the total euro-area sales since the September 26 accord on central bank gold disposals. The ECB also said in a statement that net gold reserves of the European system of central banks rose 29 million euros in the week to January 14 after the sale of gold worth 100 million euros coincided with a 129 million euro upward correction in the valuation of gold reserves by another central bank. The Dutch central bank later said it was the bank which had sold the gold. The ECB also said in its regular weekly financial statement that the net position of the system of the European system of central banks in foreign exchange reserves fell by 0.1 percent to 250.5 billion euros in the reporting week. Following the ECB announcement, the Dutch central bank confirmed that it sold the 11 tonnes of gold last week as part of its plan to dispose of 100 tonnes of gold reserves by September 2000. With last week's sale the Dutch central bank sold a total of 331 million euros worth of gold. "The disposal of 11 tonnes of gold is consistent with the central bank gold agreement of September," the ECB said. Under the accord, 15 European central banks agreed to cap gold sales at 400 tonnes a year and a total of 2,000 tonnes over five years. The ECB said following last week's sale and the correction in reserves valuation, the total gold reserves and gold receivables amounted to 116.512 billion euros, up 29 million euros on the week. The current account of the euro area financial sector, which covers the minimum reserve system, fell by 30.8 billion euros to 92.3 billion euros during the reporting week, the ECB said. Recourse to the ECB's 4.0 percent marginal lending and the 2.0 percent deposit facilities remained unchanged during the period, both at 0.1 billion euros, the ECB said. uk.news.yahoo.com