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Asian central banks thought to be snapping up dishoarded European gold
Europe Gold Holds Firm,
Shrugs Off IMF Gold Report
From Reuters
Thursday, March 31, 2005
http://www.reuters.co.za/locales/c_newsArticle.jsp;:424bcf2f:3afece84
4b2d7a8f?type=businessNews&localeKey=en_ZA&storyID=8046883
LONDON -- Gold prices held above support at $426 per ounce on
Thursday in Europe, with the market discounting remarks by the
International Monetary Fund and U.S. government on possible IMF gold
sales.
Debt relief for the world's poorest countries has taken centre stage
in global economic discussions after finance ministers from leading
industrialised countries agreed to tackle the issue at a G7 meeting
last month.
IMF Managing Director Rodrigo Rato said in a newspaper report that
if member countries wanted to use the fund's massively undervalued
gold reserves for debt relief they should do so by selling the
metal, not by revaluing its book rate.
But the United States, which wields influential voting rights in the
IMF, said there was no need for the Fund to sell bullion..
Spot gold firmed to $427.25/428.00 per troy ounce by 0949 GMT from
$426.60/$427.30 late in New York on Wednesday.
"The IMF gold comments have not really had much impact as this has
all been said before -- the euro looks quite oversold versus the
dollar, which is where people seem to be focusing," a dealer said.
The euro was last $1.2953.
Analyst Frederic Panizzutti of MKS Finance said: "I doubt that sales
will happen -- at least over the short or medium term. The U.S.
government is opposed to it and that will make it very difficult."
The global lender's gold stocks of 103.4 million ounces are worth
some $42.3 billion at today's market prices. But under a 1971
agreement, most IMF gold is valued at between $40 and just over $50
an ounce, a fraction of the current price.
Bullion market participants were looking ahead to U.S. data that
could give clearer direction to the dollar and clues on how fast
U.S. interest rates might rise.
Investors were reluctant to take aggressive positions ahead of the
U.S. Federal Reserve's favoured measure of inflation due at 1330 GMT
as well as Friday's U.S. jobs report and the Bank of Japan's tankan
survey of business sentiment.
Silver moved to its highest in 10 days on investor buying. Spot
silver was at $7.16/7.19, from $7.11/7.14.
"Silver now looks set to target $7.25. Support should now be found
at $7.05 and $7.00," James Moore of TheBullionDesk.com said.
Platinum was steady at $861.00/865.00 from $860.00/865.00, while
palladium was at $195.00/198.00 from $194.00/199.00.
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