An updated summary of GATA''s work, written by Andrew Hepburn

10:45p ET Saturday, January 17, 2004

Dear Friend of GATA and Gold:

Bloomberg News today picked up a report in the
German news magazine Der Spiegel to the effect
that a majority of the board of directors of the
Bundesbank opposes the latest proposal of their
president, Ernst Welteke, to sell the bank's gold
reserves.

The original Der Spiegel story appears to be here:

a href=http://www.spiegel.de/spiegel/0,1518,282355,00.htmlhttp://www.spiegel.de...

The Bloomberg rewrite, for which no Internet link
is yet available to GATA, is appended.

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

* * *

Bundesbank Board Opposes
Gold Sale Plan, Der Spiegel Says

From Bloomberg News Service
January 17, 2004

The board of Germany's Bundesbank opposes a plan by
its president, Ernst Welteke, to sell some of the central
bank's gold reserves to fund research in Europe's largest
economy, Der Spiegel said.

quot;Welteke won't get a majority for his proposal,quot; the
magazine cited an unidentified board member as saying.
Only three of the board's eight members are in favor
of the proposal, Spiegel said, citing the board member.

The Bundesbank's board will vote on the proposal in
February, the magazine said.

The Bild am Sonntag Sunday newspaper said this
month that the Frankfurt-based Bundesbank and the
German government have agreed to sell up to 600
tons of the central bank's gold to raise as much as
7 billion euros ($8.7 billion) for a fund to promote
education and research. The government expects
the fund to generate interest income of between
250 million euros and 300 million euros a year, the
paper said.

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----------------------------------------------------

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