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

To: robnhood who wrote (7951)	2/28/1998 10:06:00 AM
From: Ron Everest	Read Replies (1) \| Respond to of 116764

FINANCIAL NEWS (G&M Summary 2-28-98) globeandmail.ca Mulroney trying to sell banks on gold Former prime minister Brian Mulroney and former Bank of Canada governor John Crow are lobbying for the world's biggest gold producers in a campaign to stop central banks from dumping their gold holdings. Using Mr. Mulroney's political connections and Mr. Crow's entree into the exclusive club of central bankers, the two promoted the gold producers' views in private meetings this month with German Bundesbank president Hans Tietmeyer and Bank of France governor Jean-Claude Trichet. A spokesman for Toronto-based Barrick Gold Corp. confirmed that the two men are working on behalf of the company and other members of the London-based World Gold Council, which is in the midst of a $3-million (U.S.) lobbying campaign. The council represents the world's major gold companies. The unprecedented campaign is taking place against the background of a major slump in the price of gold to just under $300 an ounce from a high in recent years of $417 in February of 1996.

To: robnhood who wrote (7951)	2/28/1998 3:49:00 PM
From: marcos	Read Replies (2) \| Respond to of 116764

As the Globe points out in the paper version, it is quite ironic that Mulroney and Crow are now lobbying for real money. Mulroney was PM and Crow the Governor of the BoC during the time that this country was liquidating its hard reserves from a paltry one ounce per capita to a meaningless one-ninth of an ounce per capita. And they are working for Munk, who virtually invented the forward hedging (read shorting) of gold by producers. Ah well, they made a buying opportunity.... Speak with your MP on this incredibly short-sighted move to pure paper reserves. I have. ............ cheers .............. marcos