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

To: Eashoa' M'sheekha who wrote (20795)	10/6/1998 10:59:00 AM
From: Alex	Read Replies (3) \| Respond to of 116844

Fears of IMF selling spark bullion fall By KATE ASKEW, Resources Writer Confusion over the intentions of the International Monetary Fund has upset the gold market. The metal lost some of its recent gains on fears large amounts could be dumped. Three-month gold on the Comex division of the New York Mercantile Exchange fell $US3.80 to $US299 after the strong run up to break the $US300 an ounce-mark last week. Unlike earlier this year, when central banks were perceived to be the likely sellers, IMF has been revealed as a potential new seller. The IMF, one of the world's largest holders of gold, will consider putting to its members that it sell some of its reserves to boost its cash position to help pay off debts of poor countries. That is what the UK Chancellor of the Exchequer Mr Gordon Brown told a news conference at the weekend. But, Mr Brown's remarks fly in the face of comments from Bundesbank vice-president Mr Juergen Stark, reported by Bloomberg to have said that selling gold to raise cash to pay off poorer nation debt was not discussed at the weekend's IMF member meeting in Washington. The news prompted some gold analysts to label the speculation of IMF sales a furphy, saying the IMF getting approval to sell gold from its member countries was a long and tedious process fraught with difficulty. The IMF has not sold gold since 1980, nearly 19 years ago. If the IMF were to sell off its gold reserves - worth at least $US30 billion ($51.3 billion) - it would be a sign that the global meltdown plaguing world markets had even spread to one of the last remaining havens - gold. smh.com.au