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Peter Brimelow: Gold grinds on, with the Fed lending a hand
By Maria Sheahan
AFX News
Monday, November 14, 2005
http://www.forbes.com/markets/feeds/afx/2005/11/14/afx2333860.html
FRANKFURT -- Bundesbank president Axel Weber indicated yesterday
that the central bank will not give in to political pressure to sell
part of its gold reserves, according to Frankfurter Allgemeine
Zeitung.
Incoming finance minister Peer Steinbrueck said he hopes to convince
the Bundesbank to sell 120 tonnes of gold to finance a 'future fund'
that will promote research and education projects.
Steinbrueck said he will seek close contact with the Bundesbank to
discuss the possible sale of gold reserves.
But Weber referred to a German law that puts all decision-making on
gold reserves in the hands of the Bundesbank.
"I assume that we can agree to respect each other's
responsibilities," Weber said, while adding he welcomes
Steinbrueck's interest in the central bank's policies.
According to an agreement among a number of European central banks,
the Bundesbank has the right to sell up to 120 tonnes of gold per
year, or a total of 600 tonnes by 2009.
The central bank last year sold eight tonnes of gold to Germany's
finance ministry for use in the ministry's programme of minting gold
coins.
In the past, German media has reported that incumbent finance
minister Hans Eichel hoped to plug Germany's budget deficit by
selling part of the Bundesbank's gold reserves.
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