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

To: long-gone who wrote (33868)	5/14/1999 9:33:00 AM
From: lorne	Read Replies (1) \| Respond to of 116796

Hi Richard. Not as eager and amount seems a bit less. IMF still eyes modest gold sales--senior official MACAU, May 14 (Reuters) - The IMF still plans to sell a moderate amount of gold to help pay for debt relief for poor nations despite Britain's decision to dispose of a large share of its gold reserves, a senior IMF official said on Friday. IMF Deputy Managing Director Shigemitsu Sugisaki said in a Reuters interview there was an emerging consensus among members of the International Monetary Fund that a gold sale should occur. "But it would be a very modest amount that we would be selling, so it shouldn't be much of a problem for the gold market," he said. "Our plan is to sell a moderate amount, about five million ounces." Sugisaki said he expected a decision to be made on the gold sales before the IMF's next annual meeting in the autumn. The sale of IMF gold reserves is aimed at bolstering resources for the IMF programme for Heavily Indebted Poor Countries (HIPCs). IMF Managing Director Michel Camdessus said in April a plan to give debt relief would involve some sales of IMF gold, but he did not say how much of the IMF's 103 million ounces of gold might be sold. Some member countries have argued for five million ounces while others favour 10 million ounces or more. The British Treasury announced last week plans to sell 415 tonnes, or more than half, of the Bank of England's gold reserves, precipitating a sharp drop in gold prices. Sugisaki was in this Portuguese colony to speak to an international meeting of central bank governors. reuters.com