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Gold/Mining/Energy : Euro Impact on Gold, USD ... -- Ignore unavailable to you. Want to Upgrade?

To: Eashoa' M'sheekha who wrote (181)	12/30/1998 6:58:00 PM
From: banco$	Respond to of 289

Thank you for the archives. Bullion sales must be approved by the ECB which appears to be the upshot. Remember how quickly vanguard states snuffed Italy's proposal to sell gold!

To: Eashoa' M'sheekha who wrote (181)	12/30/1998 7:22:00 PM
From: banco$	Read Replies (2) \| Respond to of 289

Are euro reserves backed by far less gold as compared to the $US? If the EU is valuing its 15 percent backing at 'market' prices, that would be only a fraction of the similar 13.89* percent backing of US reserve assets with gold valued at 'book value' if I'm not mistaken. Book value being in the neighborhood of $35/oz. *$11.04 billion/$79.51 billion = .13885 = 13.89 percent From the Wall St. Journal earlier this week: "U.S. Reserve Assets Increase $282 million; Currency Holdings Fall -- Washington - U.S. official reserve assets rose $282 million for the week ended Dec. 18 to $79.79 billion, the Treasury Department said. ....The nations's holdings of foreign currencies decreased $26 million for the week to $35.58 billion, while it's gold reserves were unchanged at $11.04 billion. U.S. holdings of IMF special drawing rights rose $23 million to $10.55 billion, and its reserve position at the IMF rose $285 million to $22.61 billion."