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To: lorne who wrote (52559)5/10/2000 11:12:00 PM
From: LLCF  Read Replies (1) | Respond to of 116764
 
<Here's a thought. The Euro is backed 30% by gold. At what point would they have to start selling that 30% gold to cover any losses incurred by failure of Euro. ???>

All those countries have already announced their gold sales and are selling periodically. The Europeans have substantial dollar reserves that are more likely targeted for sale.

DAK



To: lorne who wrote (52559)5/11/2000 12:54:00 AM
From: Don Lloyd  Respond to of 116764
 
lorne -

[...Here's a thought. The Euro is backed 30% by gold. At what point would they have to start selling that 30% gold to cover any losses incurred by failure of Euro. ???]

Are you sure about the 30%? I remember reading something about 15%.

Regards, Don


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