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

To: John Hunt who wrote (33371)	5/7/1999 5:28:00 PM
From: John Hunt	Read Replies (1) \| Respond to of 116762

Treasury says U.S. not planning to sell gold << The U.S. Treasury Department said on Friday it does not intend to sell any of its gold reserves after Britain shocked markets by announcing it will sell more than half its hoard of gold over the next few years. ''We are not contemplating any change in our policy with respect to U.S. gold reserves,'' a Treasury spokesman told Reuters in response to questions. ''We have no plans to sell U.S. gold reserves.'' Britain said it will sell 125 tonnes of gold in the 1999/2000 financial year and similar amounts in following years until its current 715-tonne stockpile was cut to 300 tonnes. The announcement rocked gold markets and sent prices of the precious metal reeling downward. The British government said it was replacing the gold it sells with other assets in the world's leading currencies -- the euro, dollar and yen. Analysts interpreted it as a move to drop gold because it was a poorly performing asset. Other countries have done the same, including Switzerland in April. The United States, as of last week, held $11.047 billion of gold stock as part of reserve assets that totaled $73.681 billion, according to Treasury Department figures. Like other countries, the United States also counts other countries' currencies as well as special drawing rights and a substantial reserve position with the International Monetary Fund as part of its official reserve assets. A country's reserve assets essentially represent the proof that it can meet any current or near-term claims made against it and so provide credibility for national finances. >> biz.yahoo.com

To: John Hunt who wrote (33371)	5/7/1999 5:36:00 PM
From: John Hunt	Read Replies (1) \| Respond to of 116762

Restructuring The UK's Reserve Holdings: Gold Auctions << HM Treasury today announced a restructuring of the UK's reserve holdings to achieve a better balance in the portfolio by increasing the proportion held in currency. This will involve a programme of auctions of gold from the Exchange Equalisation Account, which holds the UK's official reserves of foreign currency and gold, with the proceeds being invested instead in foreign currency assets and retained in the reserves. It is intended that 125 tonnes of gold (3% of the total reserves) will be offered for sale in a series of five auctions in the financial year 1999/2000, conducted by the Bank of England on HM Treasury's behalf. The first of these auctions will take place on 6 July 1999: thereafter it is envisaged that they will be held every other calendar month, i.e. in September and November 1999 and in January and March 2000. Soon after each auction, the date and details of the next auction will be announced..... >> bankofengland.co.uk Bank of England Press Release which has more details on the auctions ... Now it is 25 tons/month every other month or 12.5 tons/month average.