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Anyone with enough money behind him can manipulate almost any market
Weber Says Government Should Respect
Bundesbank's Competence on Gold
By Christian Baumgaertel
Bloomberg News Service
Sunday, November 13, 2005
http://www.bloomberg.com/apps/news?
pid=10000100&sid=aHACZ5Vd0xdk&refer=germany
Bundesbank President Axel Weber said the German central bank wasn't
involved in plans by the new finance minister to sell gold and any
such plan should respect the bank's responsibilities, which include
managing the gold reserves.
"I welcome the fact that the designated finance minister wants to
contact us so we can explain the principles and the framework of the
bank's investment decisions," Weber said in a statement e-mailed by
his spokesman. "I assume one will agree to respect each other's
responsibilities."
Peer Steinbrueck, Germany's designated finance minister, said
yesterday the country's new government may sell some gold reserves
to help fund investment and plug the country's budget deficit. The
Bundesbank has so far resisted government calls to sell gold and
last year rejected a plan by former Bundesbank President Ernst
Welteke to sell 600 tons of gold over five years to set up a
research and development fund.
While the Bundesbank is required to transfer profits to the
government, it is independent in its accounting and investment
decisions, including management of the world's second largest gold
reserves. The Bundesbank held 3,427.8 tons of gold as of September,
according to the World Gold Council, a London-based producer group
that promotes the metal.
A possible sale of the Bundesbank's gold reserves would be limited
by a five-year accord that caps central bank gold sales at a maximum
of 500 tons a year. During the first year of the accord, the
Bundesbank sold less than 7 percent of the 120 tons it was allotted.
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