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

To: kimberley who wrote (38443)	8/6/1999 1:25:00 AM
From: P P Bravo	Respond to of 116764

Thursday August 5, 8:54 pm Eastern Time BoE governor Eddie George opposed gold sale-paper LONDON, Aug 5 (Reuters) - Bank of England governor Eddie George opposed the sale of half Britain's gold reserves which was announced in May, the Guardian reported on Friday. The front-page story, which did not cite any sources, directly contradicts evidence George gave to a parliamentary committee in May. The Guardian said George ''saw the proposed gold sale as a further erosion of the Bank's power base in the City (of London).'' A spokesman for the Bank of England had no immediate comment, other than to say the story contradicted public statements by George in evidence to the committee on May 25. In his evidence, George described the gold sale as ''a straightforward portfolio decision.'' He said that the move to sell gold was ''perfectly reasonable'' given that Britain holds 43 percent of its reserves in gold. ''People get emotionally attached to gold and we have seen quite a lot of emotional reaction,'' George told the parliamentary committee. The Guardian also said, without quoting any sources, that Bank of England executive director Ian Plenderleith had also opposed the gold sale and that both he and George were outmanoeuvred by the Treasury and other BoE officials.