<PAGE> PAGE 1
000 B000000 03/31/97
000 C000000 0000755222
000 D000000 N
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001 A000000 IDS PRECIOUS METALS FUND, INC.
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020 A000002 SCOTIAMCLEOD (USA) INC.
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020 A000003 MIDLAND WALWYN CAPITAL INC.
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<PAGE> PAGE 2
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020 A000004 DOMINION SECURITIES
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020 A000005 FIRST MARATHON
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<PAGE> PAGE 3
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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
<TABLE> <S> <C>
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (718269)
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<DISTRIBUTIONS-OF-GAINS> 81
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> (12786869)
<ACCUMULATED-NII-PRIOR> 700
<ACCUMULATED-GAINS-PRIOR> 0
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</TABLE>
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
IDS Precious Metals Fund, Inc.:
In planning and performing our audit of the financial
statements of IDS Precious Metals Fund, Inc. for the year
ended March 31, 1997, we considered their internal control
structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, not to provide assurance on the internal control
structure.
The management of IDS Precious Metals Fund, Inc. is
responsible for establishing and maintaining a system of
internal accounting control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of internal control structure policies and procedures. Two
of the objectives of an internal control structure are to
provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit the preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our considerations of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
the internal control structure; including procedures for
safeguarding securities, that we consider to be a material
weakness as defined above as of March 31, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission
KMPG Peat Marwick LLP
Minneapolis, Minnesota
May 2, 1997
