N e w s

In May, 2000, referendum took place in Switzerland and it was decided there to reduce the share of gold in gold and foreign exchange reserves of the country. As a result, the Central Bank of Switzerland has prepared the plan on the sale of 1300 tons of gold. At present 603 tons have been sold. Yesterday the Bank announced that it plans to sell 283 tons of gold next year that is about 10% of the world market.

Apparently, this mass sale of gold must be influencing the price. However, in the opinion of experts, it will not change the quotation for gold greatly. According to the managing director of London Consulting Company Gold Fields Mineral Services Philip Clupvick, "investors may break the balance in the market in case of complication of the situation in the Near East or any great economic shock". Besides, the Central Bank of Switzerland coordinates its actions with 14 European central banks.