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

To: Terry Rose who wrote (12492)	6/2/1998 1:59:00 AM
From: PAUL ROBERTSON	Read Replies (1) \| Respond to of 116796

Terry, Further to your garage sale,could be the pullback of the Atlantic ocean just after the asteroid hits in the movie deep impact, I think we are in this sort of situation for gold.Who knows for sure how far gold will pull back.Sure would like to be in a position to ride the coming wave.Timing will have to be just right. Regards, Paul

To: Terry Rose who wrote (12492)	6/2/1998 6:03:00 AM
From: Alex	Respond to of 116796

Swiss to cap Fund gold sales at 500 tonnes-report ZURICH, June 2 (Reuters) - A Swiss newspaper reported that the Berne government planned to cap official gold sales for financing a proposed humanitarian fund at 500 tonnes rather than sell what is needed to raise seven billion Swiss francs. Zurich's Tages-Anzeiger newspaper quoted finance ministry director Ulrich Gygi as saying the plan would probably be approved by the cabinet on June 22 and limit the amount of gold Berne would gradually sell to finance the Solidarity Foundation. "We need some sort of security," he was quoted as saying. Berne last week proposed selling 1,300 tonnes of gold both for the fund and to raise revenue for general budget purposes. Finance ministry official Daniel Eckmann, aide to Minister Kaspar Villiger, confirmed the report was accurate, but said the plan still had to be approved by the cabinet and by parliament. Voters also have to approve gold sales in a referendum. If the gold price remains at 14,000 francs per kg, selling 500 tonnes would exactly raise the envisaged seven billion franc endowment for the foundation, which aims to help victims of poverty, disasters and human rights abuses. Gold was quoted today around 13,775 francs per kg. If the price remains below 14,000 francs, the paper said, the foundation would get less than seven billion francs. If the price rises above 14,000, the fund would get seven billion. Berne proposed the Solidarity Foundation last year as a bold stroke to lift Switzerland above a rash of accusations that the neutral country cynically profited from World War Two by dealing extensively with Nazi Germany. But the idea faces significant domestic political resistance. Delegates from the ultra-conservative Swiss People's Party voted at the weekend to back gold sales but to use the proceeds solely to bolster the state pensions system. With this in mind, the Berne government has carefully split the principle of revaluing and selling off excess gold reserves from its plans on how to use proceeds from such sales. Villiger said last week that Switzerland could safely dispose of 1,300 tonnes of excess gold -- around half the 2,590 tonnes in the Swiss National Bank's reserves -- and sell them over five to seven years to avoid disrupting market prices. He said gold sales could start in late 1999 or in 2000 if parliament approves appropriate legislation this year and voters bless the idea of ending the franc's official gold backing by amending the constitution in a referendum in early 1999. The government had always before spoken of raising seven billion francs for the Solidarity Foundation and using the rest of the excess gold for general purposes. Swiss cantons would get two-thirds of the revenue raised and the federal government one-third.