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Gold/Mining/Energy : GOLD-XAU -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (934)	12/31/1997 12:13:00 PM
From: Bill Grant	Read Replies (1) \| Respond to of 1756

ole 49er, Loosely translated, "n'est ce pas?" means "isn't that right?" or "isn't that so?". bog.frb.fed.us You need Adobe Postscript to download this booklet. The reference I used is on p. 133, Appendix A. I'll excerpt below for those who don't have Postscript. Federal Reserve Balance Sheet and Reserve Equation Consolidated Balance Sheet ... Major Asset Accounts The Gold Certificate Account (item 1 in the table) comprises cerificates that are issued to the Federal Reserve by the Treasury and backed by gold held by the Treasury. In return, the Reserve Banks issue an equal value of credits to the Treasury deposit account (item 9b), computed at the statutory price of $42.22 per fine troy ounce. Through such transactions, the Treasury "monetizes" gold. Because all gold held by the Treasury as of the date of the table has been monetized, the Federal Reserve Banks' gold certificate account of $11.1 billion represents the nation's entire official gold stock. New gold certificates may be issued only if the Treasury acquires additional gold or if the statutory price of gold is increased. If the gold stock is reduced, the Treasury must redeem an equal value of gold certificates from the Federal Reserve in exchange for a reduced Treasury deposit at the Federal Reserve. Bill