This time in English: Bundesbank declines to sell much gold

Section:

7:44a ET Monday, December 20, 2004

Dear Friend of GATA and Gold:

The Reuters story below in German from Frankfurt
says the Bundesbank has confirmed its rejection
of the proposal of its president, Axel Weber, to
sell 120 tonnes of gold. Instead, the Bundesbank
will sell only 8 tonnes, and those for the minting
of gold coins.

The story says the gold sales plan could not win
a majority on the Bundesbank's board and that the
gold sales scheduled for Germany now will be
allocated to other European central banks. Of
course, that's if they still want to sell more
gold, now that Germany has thought better of it.

We'll be grateful to any of our German-speaking
friends who would like to attempt a full translation
of the Reuters story, even as we hope for a reliable
English story about the Bundesbank's decision later
today.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Bundesbank Won't Be Selling 120 Tonnes of Gold

From Reuters
Monday, December 20, 2004

http://www.reuters.de/newsPackageArticle.jhtml?
type=economicsNews&storyID=641299&section=news

FRANKFURT -- Die Bundesbank wird ihre Option auf Goldverkufe im
ersten Jahr des laufenden Goldabkommens europischer Zentralbanken
nicht vollstndig nutzen.

Von den 120 Tonnen Gold, die die Bundesbank rein rechnerisch im
ersten Jahr des fnfjhrigen Abkommens verkaufen knnte,
sollen nur acht Tonnen dem Bundesfinanzministerium zur Produktion von
Goldmnzen veruert werden. "Weitere Verkufe im Rahmen
des ersten
Jahreskontingents des Goldabkommens werden nicht gettigt", teilte
die Bundesbank am Montag in Frankfurt weiter mit. Die verbleibende
Verkaufsoption, die die Bundesbank jedoch nicht beziffert, werde von
anderen Notenbanken des Eurosystems bernommen.

Die Bundesbank hatte sich unter dem seit September geltenden neuen
fnfjhrigen Goldabkommen von 15 europischen Zentralbanken
die
Option ber einen Verkauf von 600 ihrer insgesamt 3440 Tonnen Gold
gesichert. Bis September 2005 htte sie demnach die ersten 120
Tonnen veruern knnen. Bundesbankprsident Axel Weber
wollte
nach unbesttigten Zeitungsberichten mit den Goldverkufen noch
in diesem Jahr beginnen, hatte dafr aber keine Mehrheit im
Bundesbank-Vorstand.

Der Vorstand hatte unter Webers Vorgnger Ernst Welteke
beschlossen, nur zu verkaufen, wenn die Substanz des Vermgens
erhalten bleiben knne. Dies wre etwa durch eine Wiederanlage
der Ertrge in verzinsliche Wertpapiere mglich wie es
krzlich
Zentralbank und Finanzministerium in Frankreich beschlossen haben.
Gesetzlich ist aber vorgesehen, dass der Bundesbankgewinn in erster
Linie dem Bundeshaushalt zufliet. Bundesfinanzminister Hans
Eichel (SPD) hatte sich erst am Wochenende fr Goldverkufe
ausgesprochen.

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