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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (36579)	7/5/1999 9:31:00 PM
From: Alex	Respond to of 116762

GOLD RESERVES GO UNDER THE HAMMER Tuesday 6 July 1999 Top News Around 25 tonnes of gold will go under the hammer as the Treasury launches its first auction aimed at reducing the UK's reserves of the metal by half. The sell-off, which has generated howls of protest from the gold mining industry, is the first tranche in a massive 415 tonnes sale by the Government. The gold will be replaced with euro, yen and dollars intended to give the Government a more balanced reserve of cash in order to protect Britain's reserves from falls in gold or currency values by spreading the risk more evenly. But the World Gold Council, which represents the gold mining industry, has campaigned against the scheme with national newspaper adverts. It delivered a petition of at least 10,000 signatures to Chancellor Gordon Brown from members of the public opposed to the sale. Haruko Fukuda, chief executive of the World Gold Council, said: "We have been very surprised at the strength of public feeling on this issue that has been shown by so many Britons. We have received more than 20,000 telephone calls in support." The WGC has also said the Government's decision to sell gold has itself reduced the value of Britain's gold reserves. Gold prices have fallen heavily since the sale was announced, from 289 US dollars (£181) an ounce to 261.80 US dollars. But the price of gold has been slipping for more than a year after reaching a recent peak price of 492 dollars in 1997. A number of other governments have recently announced plans to sell gold, including Switzerland which last year finally severed the official link between the value of its currency and its gold reserves. excite.co.uk