The apprehension is understandable.
Analysts are sharply divided about whether any sales are likely.
They are all agreed, however, that worries about possible Emu gold sales are giving those who are betting on a fall in the gold price the upper hand in the market at the moment. Among supporters of the theory is Stephen Yorke, director of political research at SBC Warburg. He suggests some European states will be tempted to sell gold to meet their Emu objectives. And I think it will happen sooner rather than later - that is, within the first few months of 1997. He points out that between the end of 1991 and October this year Belgium sold 14,9-million ounces of gold.