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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: mark silvers who wrote (5577)	11/14/1997 5:40:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

I spend much of my day watching the Bundesbank and German economic and political discourse. There was a major political battle between the Bundesbank and the Finance Ministry over the revaluation of gold reserves. The arguement almost destabilized the government. The Bundesbank has adopted a very conservative position towards European Monetary Union and has strongly resisted any efforts to sell gold to dress up the deficit. They consider the technique a sham. So their comments were quite consistent with THEIR position. Unfortunately they will eventually have to do what the finance ministry instructs. The finance ministry is VERY pro emu. They want to sell gold. Once the political situation is more advantageous they will be able to force the issue. So the Bundesbank is make statements for political effect and trying to wring concessions from the finance ministry. But the finance ministry can eventually force the issue by requiring a revaluation and subsequent dividend of excess reserves.