Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: John Hunt who wrote (27559)	2/2/1999 12:09:00 PM
From: Stephen O	Read Replies (3) \| Respond to of 116790

Swiss Upper House Committee Recommends Gold Reserves Sale Bern, Feb. 2 (Bloomberg) -- A plan to let the Swiss National Bank sell up to 1,300 metric tons of gold in its reserves unanimously cleared a committee of Switzerland's upper house of parliament. The vote of the commission, with one abstention, virtually assures passage later this year by the full 46- member upper house, which would then refer the issue to Swiss voters in a referendum expected next year. The lower house approved the measure in December. If approved by voters, Switzerland, the world's third- largest holder of the precious metal, could sell as much as 1,300 metric tons of gold reserves. That's about half the amount mined around the world last year. Switzerland's plan has sparked fear that more countries will sell reserves. A spate of government sales in 1997 helped push gold down 22 percent that year, a decline that ended last August at a 19-year low of $271.13 an ounce. Government gold holdings worldwide amount to more than quarter of all gold ever produced. --Andreas Britt in Bern, through the Frankfurt newsroom (41- 79) 345 9084/kjo They keep the news pressure on.