What gold reserves? They pretty much went away when Nixon left the gold
standard in '73.
Steve

"azotic" wrote in message
...
Seems like printing more dollars wont fix wallstreets problems this time.
Guess gold is prefered over paper derivatives in some circles of high
finnance.


The U.S. Treasury Department has promised "hundreds of billions" to save
the US markets using its own gold reserves.

President Bush approved the use of existing authorities by Treasury
secretary Hank Paulson to make available as necessary the assets of the
Exchange Stabilisation Fund for up to $50 billion to buy more illiquid
mortgage assets.
When the Government bailed out the the Government Sponsored Enterprises it
promised to buy illiquid mortgage backed securities, but this announcement
extends that pledge.



http://www.moneymarketing.co.uk/cgi-....cgi?id=173208



Best Regards

Tom.