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

To: Rarebird who wrote (36628)	7/6/1999 2:41:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 116753

Rarebird, I didn't have any luck with your link....just ads for free websites????

To: Rarebird who wrote (36628)	7/6/1999 4:24:00 PM
From: Alex	Read Replies (2) \| Respond to of 116753

GOLD AUCTION 'ECONOMICS OF THE MADHOUSE' Tuesday 6 July 1999 Top News The first auction of Britain's gold reserves has been branded a "disaster" by the mining industry despite being massively oversubscribed. The Bank of England put 25 tonnes of gold up for sale but received bids for more than five times that amount. Buyers snapped up the gold at 261.2 dollars an ounce (£168) - almost exactly the current market price for the precious metal. But the World Gold Council, which represents gold mining companies, said the sale was "the economics of the madhouse" as the price of gold on the open market slumped to a 20-year low following the auction. The auction, the first of five to be held over the next year, was ordered by Chancellor Gordon Brown as part of a scheme to move part of Britain's reserves into currencies like the dollar and the euro. The Government plans to spread its assets across a range of currencies to limit the risks of reserves being devalued. The World Gold Council has campaigned against the gold sell-off and last week took out adverts in national newspapers to publicise its case. Haruko Fukuda, chief executive of the World Gold Council, said: "The Chancellor and the Bank of England seem to have lost sight of the reason for having gold reserves in the first place - they are the bastion of a nation's currency, to be used in the last resort when paper money becomes unacceptable." The price of gold has now slipped to 257.6 dollars - its lowest for 20 years. The World Gold Council has argued that the Government's early announcement of a gold sale on May 7 started a slide in the value of the precious metal. The sale price of 261.2 dollars an ounce was down from 289 dollars an ounce the day before the sale announcement. Kevin Norrish, minerals economist at Barclays Capital, said: "I think we should be concerned at what has happened to the gold price. The fall has cost every man, woman and child in the country around £7 a head." excite.co.uk