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To: Bill Murphy who wrote (32760)	4/28/1999 11:08:00 PM
From: whiskeyjack	Read Replies (1) \| Respond to of 116756

Good work, Bill. You're the James Brown of the Au Biz. Any feelers out on Buffett's Woodstock for capitalists, this weekend if memory serves? A word on his Ag stocks or buying up paper in a miner might just fan the flames. Go GATA, wj

To: Bill Murphy who wrote (32760)	4/29/1999
From: Ahda	Read Replies (2) \| Respond to of 116756

Feel good Bill someone has listened. Gosh look what a belief can do.

To: Bill Murphy who wrote (32760)	4/29/1999 1:14:00 AM
From: Alex	Read Replies (1) \| Respond to of 116756

4/28/99 - Manuel rejects Japanese proposal on gold <Picture> Washington (Business Day, April 28, 1999) - SA was not prepared to support IMF gold sales on the scale - 10- million ounces or more - advocated by the US, UK and Japan, Finance Minister Trevor Manuel said yesterday. The sales, from the fund"s 103-million ounce reserve, are intended to support debt relief and further concessional IMF lending for highly indebted poor countries, mostly in Africa. Manuel said SA fully supported deeper and earlier relief for such countries, but made it clear SA would only accept sales of up to five-million ounces, citing the "adverse impact on SA" and other African gold producers. "We are prepared to go along with a sale of a modest portion of... gold... provided the disposal programme is orderly, is spread over a number of years and takes account of the market"s ability to absorb the additional supply." Manuel urged creditors to commit more to the trust set up to retire or service poor countries" IMF debts and which the gold sales were meant to top up in lieu of rich countries" contributions. New financing mechanisms had to be explored. Manuel was addressing the IMF"s interim committee, a key advisory body on which he represents one of the fund"s two African constituencies, but on the gold issue he was speaking only on SA"s behalf. Earlier, Japanese Finance Minister Kiichi Miyazawa called for sales of more than 10-million ounces, triggering a market flurry which saw the gold price drop more than a dollar before rebounding. The fund"s management suggested selling 5-million ounces; Britain and the US proposed selling 10-million ounces. Miyazawa said it would be necessary to raise the ante, given revised cost estimates for the debt initiative, which fund staff see doubling to $6bn. Meanwhile, ministers from the Group of 24, representing the fund"s developing country members, expressed unease about the effects of gold sales. Ten of the 41 countries seen to be qualifying for debt relief are gold producers, and the metal accounts for 5%-40% of their export revenues, according to the Gold Institute. Germany, long hostile to IMF gold sales, yesterday softened its stance, while US Treasury Secretary Robert Rubin reiterated that the Clinton administration would seek Congressional authority to support sales of up to 10-million ounces. By Simon Barber Copyright 1999 Business Day. Distributed via Africa News Online.