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

To: Crimson Ghost who wrote (37009)	7/11/1999 3:18:00 PM
From: Alex	Read Replies (1) \| Respond to of 116765

Gold protest set to grow <Picture> The price of gold has tumbled since the start of the sale <Picture> South African gold-mine owners are urging colleagues from other African nations to join them in a mass protest visit to the UK. They are furious at the British government's sale of its gold reserves, which began last week and saw gold prices hit 20-year lows. The delegation members fear thousands of miners will be put out of work. Gold mine union leaders joined forces with government representatives to travel to the UK to lobby against the sell-off. They had planned to arrive on Sunday, but postponed the trip to recruit counterparts from other countries in the continent. Already, Zambia and Tanzania have agreed to join the delegation. The Bank of England auctioned 25 tonnes of Britain's gold reserves this week in a government effort to raise cash. Jobs fears Tony Blair's government wants to eventually dispose of over 400 tonnes over several years. About £450m was wiped off the value of the UK's reserves, and the price closed at $256.45 on Friday compared with almost $290 before the announcement. Gold is South Africa's largest earner of foreign currency and about 300,000 miners are employed in the industry. The South African Chamber of Mines warned that 80,000 workers in the third world could lose their jobs. As the gold was sold, East Rand Proprietary mines closed down. With them went 5,000 miners and 106 years of history. Huge protests Two thousand miners protested at the British High Commission in Pretoria, while thousands signed a petition calling for a halt to the sale. Another petition will be presented from the World Gold Council with 15,000 names. The Pretoria government fears the economic uplift across the whole of southern Africa will be affected. A jeweller from Southampton is due to go to the High Court this week to block further sales. news.bbc.co.uk