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

To: Bobby Yellin who wrote (30340)	3/19/1999 6:19:00 PM
From: Alan Whirlwind	Read Replies (1) \| Respond to of 116791

Obviously the price of gold is being fixed by way of black magic as well.

To: Bobby Yellin who wrote (30340)	3/19/1999 7:22:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116791

Tietmeyer sceptical of IMF gold sales, talks ongoing 03:25 p.m Mar 19, 1999 Eastern BERLIN, March 19 (Reuters) - Bundesbank President Hans Tietmeyer said on Friday that discussions about a possible sale of IMF gold reserves to help poor countries were still going on and that no decisions had been reached. ''That issue is still being discussed very carefully,'' Tietmeyer said at a panel discussion in Berlin. Tietmeyer also said he wanted to see the position the U.S Congress would take on the issue. Tietmeyer warned that an organistaion like the IMF had to be very careful when considering to give up part of its assets. ''The gold is part of (the IMF's) standing, its credibility,'' Tietmeyer said. ''That is why you have to be so careful with the issue of gold sales,'' he added. Such a step could be taken only once and would change the organisation's room for manouevre, Tietmeyer said. U.S. President Bill Clinton suggested earlier this week a $70 billion programme of debt relief for developing countries, a scheme which called on the IMF to sell a small portion of its $29 billion gold stockpile. Tietmeyer and the Bundesbank have been adamantly opposed to any gold sale by the IMF in recent years. Tietmeyer has said repeatedly in the past that in addition to harming the IMF's credibility, gold sales could be inflationary and possibly drive down global gold prices. Analysts reckon, however, that the Bundesbank's stance is about to soften, saying that probably not more than $1.5 billion to $3.0 billion worth of IMF gold would be sold. They say the figure would be too small to fan global inflation. ((Frankfurt Newsroom +49 69 756525, frankfurt.newsroom+reuters.com)) Copyright 1999 Reuters Limited.