Archived World Gold Council Document

:In a response to today’s statement by the National Bank of Belgium concerning its sale of 299 tonnes of gold, the World Gold Council draws attention to the following points made by the central bank:

• The gold was sold in a manner specifically designed to minimise disruption to the market,
• The National Bank does not intend to sell any further gold and this sale completes its programme of gold sales which started in 1989,
• After the start of European Economic and Monetary Union (EMU) in January 1999 Belgium will hold close to 300 tonnes of gold which is expected to be equivalent to around one third of its external reserves,
• The National Bank states that "gold will continue to play a role in the international financial system",
• The central bank also states that gold should form part of the reserves of the European System of Central Banks.

Robert Pringle, Head of the Centre for Public Policy Studies of the World Gold Council, commented, "We welcome the new sensitivity shown by a leading central bank of gold market sentiment in the manner in which this operation has been conducted and in the accompanying comments supporting the reserve role of gold."

Contacts:

Robert Pringle, WGC London 0207 930 5171
George Milling-Stanley, WGC New York 001 212 317 3848

Related External link:
Yahoo/Reuters: Belgium paves road to euro with gold
http://biz.yahoo.com/finance/980318/belgium_go_4.html