Bundesbank''s decision raises doubts that 2,500-ton gold quota will be sold

Section:

By Maria Sheahan
AFX News
Monday, December 20, 2004

http://www.iii.co.uk/news/?
type=afxnews&articleid=5150359&action=article

FRANKFURT -- Bundesbank president Axel Weber
dismissed reports he tried to push for the sale of
part of the central bank's gold reserves but was
rejected by six of the eight Bundesbank board members.

"It is wrong of the media to create the impression I
wanted to sell gold and was rejected by the board," he
tells the newspaper Die Welt in an interview to be
published tomorrow. "The gold reserves of the
Bundesbank are part of our national wealth and have
a great symbolic value to the population," Weber said.

The Bundesbank announced today it will sell eight
tonnes of gold to Germany's finance ministry but it
has no plans to sell a further 112 tonnes it is allowed
to offload in the first year of a five-year agreement
on coordinated gold sales renewed in September.

In the interview, Weber says the Bundesbank currently
sees "no need to make use of the right to sell" a total
of 120 tonnes of gold in the first year of the agreement.

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