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

To: Sergio R. Mejia who wrote (22000)	10/20/1998 11:36:00 PM
From: banco$	Read Replies (1) \| Respond to of 116762

Hi Sergio. ARGENTINE SALE IS NIL, de nada. If 4MM oz. was sold in early 1997 for $1.46 billion, then the proposed $100 mil. sale represents only a few hundred thousand oz. gold at best, all in coins too. Obviously, Reuters took some journalistic liberties by throwing in the last sentence and ignoring the largest holders and central banks that increased reserves. "Argentine Cenbank selling most remaining gold" BUENOS AIRES, Oct 20 (Reuters) - Argentina's Central Bank will sell 1.54 million gold coins, all of its remaining stock of the metal except for 40,000 Argentine coins of historic value, the Bank said Tuesday. The coins will be offered for sale and melted down to gold bullion for disposal on international markets if there are insufficient buyers, the Bank said in a news release. A Central Bank spokesman said he did not know how much the 1.54 million coins were worth, but the Clarin newspaper reported the sale should bring in more than $100 million. The Argentine Central Bank said last December that it had secretly sold four million ounces of gold -- its entire bullion stock -- in the first seven months of 1997 for $1.46 billion. Many Central Banks around the world have recently reduced their gold holdings. biz.yahoo.com