[Congressional Record Volume 145, Number 97 (Monday, July 12, 1999)]
[House]
[Page H5339]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               THE REALITY OF THE PROPOSED IMF GOLD SALE

  (Mr. GIBBONS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. GIBBONS. Mr. Speaker, my home State of Nevada is one of the 
largest gold producing States in the Nation, but this vital industry, 
which helps put food on the table for thousands of my constituents in 
Nevada is in jeopardy.
  Last Friday, the International Monetary Fund, also known as the IMF, 
reaffirmed its commitment to dump part of its gold reserves onto the 
open market just to hide its debt losses. The bureaucratic dreamers at 
the IMF contend that this sell-off is necessary to give financial help 
and relief to poor countries.
  While that may sound okay on the surface, I am here to talk about 
reality. The reality of this proposed gold sale is the disruption of 
the global gold market, which translates into a flooded market, which 
translates into plummeting gold prices; and the reality is that many of 
the mines in North America will begin closing at an alarming rate. This 
means thousands of America's hardest working men and women will be out 
of work, unable to feed their families, all because of the IMF.
  Fortunately, the final decision does not rest with the international 
bureaucrats at the IMF. This proposed IMF gold sale must be approved by 
Congress.
  My constituents are depending on Congress to stop this ill-conceived 
scheme. I adamantly oppose and am committed to stopping this proposed 
giveaway and urge my colleagues to join me.

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