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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (5057)	7/4/2003 3:49:24 PM
From: pogbull	Read Replies (2) \| Respond to of 5423

Canada sells one quarter of gold reserves in June Friday July 4, 8:48 am ET biz.yahoo.com (Recasts throughout, all figures in U.S. dollars.) OTTAWA, July 4 (Reuters) - Canada sold about one quarter of its official gold reserves in June but lost $2 million on the transaction because of slumping bullion prices at the end of last month, a government official said on Friday. Gold sales in June totaled 114,064 ounces, leaving government holdings at about 300,000 ounces on June 30, when the metal closed at $346 an ounce from May 30 when it closed at $361.40 an ounce, Finance Department data showed. "The gains or losses are based on what the selling price of the gold was relative to its previous valuation at the end of the previous month. So, it was $2 million lower than the previous month-end valuation," the official said. Canada has a policy of gradually selling off its gold reserves and replacing them with interest-bearing instruments. Overall Canadian foreign reserve holdings fell by $724 million to $36.7 billion in June, largely due to exchange rate effects which accounted for $395 million in declines. Slightly more than half of Canada's foreign reserves are held in U.S. dollar-denominated assets so the Canadian dollar's appreciation of more than 15 percent so far this year has trimmed the relative value of government holdings. Canada also paid out $213 million foreign-currency debt that came due as well as interest charges and cross-currency swap payments.