To: Lalit Jain who wrote (94525 ) 4/13/2003 10:28:36 AM From: IngotWeTrust Read Replies (1) | Respond to Hi, Lalit, It is with great pleasure I read your response, and realize your interest in things yellow has been rekindled. As you know, Bre-X wasn't as kind to all players as it was to me, Ken Benes and others who got outWhile the Bundesbank has made its intentions to sell a bit, or more than a bit, of gold very clear in the market, it now appears that the proverbial "fly in the ointment" has emerged. It seems that IF the Bundesbank does sell gold, all of the profits go to the government, and not the Central Bank who wishes to reinvest the proceeds. Mr. Ernst Welteke, who has been the champion of such gold sales, was recently forced to admit that if the profits went to the government, rather than to the Central Bank, that the Bundesbank would "reconsider" such sales. It would take a change in the law to allow the Central Bank to retain the funds, and as such, is very unlikely. While the market has feared gold sales by Germany, which currently has 3,446 tons of gold reserves, it now is rather evident that it just ain't gonna happen."
