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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.93

+0.8%

Jan 9 4:00 PM EST

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To: Jim S who wrote (37145)	7/14/1999 8:01:00 PM
From: goldsnow	Read Replies (4) of 116846

Blair stands by British gold sales LONDON, July 14 (Reuters) - Prime Minister Tony Blair stood by Britain's programme of gold reserves sales on Wednesday despite weak world prices. Asked in parliament if it was right to sell off part of Britain's reserves, he replied, ''The gold price has been falling for two years, so in fact if it carried on falling and we didn't sell we would lose money.'' Britain last week held the first of five auctions of its gold reserves, sending bullion prices to fresh 20-year lows. Treasury Minister Patricia Hewitt said on Tuesday there were no plans to change tack despite protests from African gold-producing nations Hewitt said the problems of the gold producers were due to the long-term decline in the price of the metal, not Britain's decision to reduce its gold reserves.

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