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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.80

+0.9%

Nov 19 4:00 PM EST

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To: John Hunt who wrote (33371)	5/7/1999 5:36:00 PM
From: John Hunt	Read Replies (1) of 116764

Restructuring The UK's Reserve Holdings: Gold Auctions << HM Treasury today announced a restructuring of the UK's reserve holdings to achieve a better balance in the portfolio by increasing the proportion held in currency. This will involve a programme of auctions of gold from the Exchange Equalisation Account, which holds the UK's official reserves of foreign currency and gold, with the proceeds being invested instead in foreign currency assets and retained in the reserves. It is intended that 125 tonnes of gold (3% of the total reserves) will be offered for sale in a series of five auctions in the financial year 1999/2000, conducted by the Bank of England on HM Treasury's behalf. The first of these auctions will take place on 6 July 1999: thereafter it is envisaged that they will be held every other calendar month, i.e. in September and November 1999 and in January and March 2000. Soon after each auction, the date and details of the next auction will be announced..... >> bankofengland.co.uk Bank of England Press Release which has more details on the auctions ... Now it is 25 tons/month every other month or 12.5 tons/month average.

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