From Reuters
Thursday, January 13, 2005
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=7321265 [1]
FRANKFURT -- The European Central Bank will post a 2004
budget loss for the second year in a row due to the U.S.
dollar's decline against the euro, the ECB Vice President
Lucas Papademos said on Thursday.
Papademos said at the ECB's news monthly conference
that the bulk of the central bank's foreign exchange reserves
are held in dollars. The U.S. currency has lost about 7
percent of its value against the euro in the past year.
He declined to reveal the exact size of ECB dollar holdings.
The ECB will release its 2004 financial results in March.
The euro's rising external value over the course of 2004,
particularly against the dollar, has raised expectations that
the ECB's net losses have widened due to the declining
euro value of the central bank's dollar-denominated assets
and low domestic and foreign interest rates.
This development would be similar to 2003, when the ECB
made a net loss of 477 million euros compared with a profit
of 1.22 billion euros in 2002.
The euro's gain against the dollar in 2004 compared with a
gain of over 20 percent the year before.
The central bank's policymaking Governing Council decided
to offset the 2003 loss against the ECB's general reserve
fund.
A net loss for the ECB in 2004 could have knock-on effects
for the profits of national central banks in the euro area,
which would have shared in any profit.
Germany's Bundesbank, for example, is expected to see
almost no profit in 2004 and would therefore not be in a
position to transfer some 2 billion euros that Finance
Minister Hans Eichel has penciled into this year's federal
budget.
----------------------------------------------------
To subscribe to GATA's dispatches, send an e-mail to:
gata-subscribe@yahoogroups.com [2]
To unsubscribe, send an e-mail to:
gata-unsubscribe@yahoogroups.com [3]
----------------------------------------------------
RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com [5]
http://www.gold-eagle.com/ [7]
http://www.GoldReview.com/ [11]
http://www.capitalupdates.com/ [12]
http://www.DailyReckoning.com [13]
http://www.goldenbar.com/ [14]
http://www.silver-investor.com [15]
http://www.thebulliondesk.com/ [16]
http://www.sharelynx.com/ [17]
http://www.mininglife.com/ [18]
http://www.financialsense.com [19]
http://www.goldensextant.com [20]
http://www.goldismoney.info/index.html [21]
http://www.howestreet.com [22]
http://www.depression2.tv [23]
http://www.moneyfiles.org/ [24]
http://www.howestreet.com [22]
http://www.minersmanual.com/minernews.html [25]
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [26]
http://www.goldcolony.com [27]
http://www.miningstocks.com [28]
http://www.mineralstox.com [29]
http://www.freemarketnews.com [30]
http://www.SilverSeek.com [32]
http://www.investmentrarities.com [33]
http://www.kereport.com [34]
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm [35]
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm [36]
(In English)
http://www.resourceinvestor.com [37]
http://www.prudentbear.com [39]
Subscription sites:
http://www.lemetropolecafe.com/ [40]
http://www.goldinsider.com/ [41]
http://www.interventionalanalysis.com [43]
http://www.investmentindicators.com/ [44]
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm [45]
Ted Butler silver commentary archive:
http://www.investmentrarities.com/ [46]
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com [47]
Centennial Precious Metals
3033 East First Ave., Suite 807
Denver, Colorado 80206
1-800-869-5115
http://www.USAGOLD.com [48]
Michael Kosares, Proprietor
cpm@usagold.com [49]
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com [50]
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net [51]
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net [52]
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net [53]
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org [54]
info@gold.ie [55]
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com [56]
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com [57]
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com [58]
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com [59]
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com [60]
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com [61]
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com [62]
314-965-9797
1-800-280-9797
http://www.mocoin.com [63]
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com [64]
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com [65]
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com [66]
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com [67]
Franklin Sanders
1-888-218-9226, 931-766-6066
----------------------------------------------------
HOW TO HELP GATA
If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.
By check:
Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA
By credit card (MasterCard, Visa, and
Discover) over the Internet:
http://www.gata.org/creditcard.html [68]
By GoldMoney:
http://www.GoldMoney.com [69]
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L
Donors of $1,000 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled GATA.
Donors of $200 or more will receive copies
of "The ABCs of Gold Investing" by Michael
Kosares, proprietor of Centennial Precious
Metals in Denver, Colorado, and "The Coming
Collapse of the Dollar" by James Turk and
John Rubino.
GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.