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

To: goldworldnet who wrote (70078)	5/23/2001 10:53:52 AM
From: lorne	Read Replies (1) \| Respond to of 116912

EXCLUSIVE:French Ctrl Bank Sees Gold Agreement Extended By Selim Atalay Of DOW JONES NEWSWIRES 05/22/2001 Dow Jones Commodities Service (Copyright (c) 2001, Dow Jones & Company, Inc.) ISTANBUL -(Dow Jones)- The Washington Accord, an agreement signed between 15 of Europe's central banks in September 1999 to limit gold sales, is likely to be extended when it expires in September 2004, according to Herve Ferhani, head of Foreign Exchange at Banque de France. "It's logical to see it extended," the central banker told Dow Jones Newswires in an interview Tuesday from the London Bullion Market Association Precious Metals Conference. He added that the view reflects that of the French central bank, not all of those involved in the deal. The agreement, which limits the banks' total gold sales to 2,000 tons over five years, was signed by the European Central Bank and the central banks of the 11 original euro-zone members, the U.K., Sweden and Switzerland. Ferhani said the reason for the pact is transparency, not an attempt control gold prices. "I don't think the central banks are in the business of governing the gold market," he said. It is too early to speculate on possible amendments to the agreement because market conditions could change in the next three years, Ferhani said. "At this point we have to wait to acknowledge any changes," the central banker said. "If the agreement is to be renewed, market conditions have to be in favor of a renewal," he added. "Until September 2004, there's plenty of time to decide." Ferhani said he isn't aware of any participants in the agreement that don't want to extend the agreement. He added that the agreement would be open to newcomers. "Practically any one can join," Ferhani said. "But others beyond the signatories are also following policies that are in line (with the signatories)." The central banks of the U.K., the Netherlands, Switzerland and Austria have all sold gold under the agreement so far. -By Selim Atalay, Dow Jones Newswires; +90212 2313355; selim.atalay@dowjones.com