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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Rarebird who wrote (40377)	9/17/1999 9:26:00 AM
From: Rarebird	Read Replies (1) of 116759

Protests to Tarnish Second British Gold Sale: LONDON, Sept 17 (Reuters) - The British government is bracing for more protests next week as it holds its second auction of gold since announcing a plan to sell over half its reserves of the 'barbarous relic'. The price of gold slumped to a 20-year low in the wake of the first auction of 25 tonnes on July 6, and Tuesday's sale via the Bank of England comes as the price languishes around $255 per troy ounce. Opposition Conservative leader William Hague has already jumped on the issue as a way of embarrassing the government, calling it incompetent and a waste of taxpayers' money. The issue has been a convenient one for Hague as Prime Minister Tony Blair's government rides high on the back of unemployment and inflation at record lows and growth picking up. Chancellor of the Exchequer Gordon Brown, who announced the sale of 415 tonnes of a total of 715 tonnes of reserves in May, called the decision a technical one. The money raised from the sales will be invested in government bonds denominated in dollars, euros and yen. Bank of England Governor Eddie George has defended the decision as "perfectly reasonable," given the country's exposure to gold, an asset whose price has been falling for 20 years and which earns no return. news.excite.com

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