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

To: lorne who wrote (47469)	1/25/2000 1:21:00 PM
From: Alex	Respond to of 116762

Britain's gold auctions seem "foolhardy" - WGC LONDON (Reuters) - Britain will be less able to withstand international economic shocks, following the latest gold auction, which seemed to be foolhardy, the World Gold Council (WGC) said. The Bank of England sold 25 tonnes of official gold reserves for $289.50 (181 pounds) a troy ounce. This will provide the Treasury with revenue of around $233 million (146 million pounds) and was the fourth in a series aimed at reducing British gold holdings by 58 percent to 300 tonnes as part of a plan to modernise its holdings. "This still seems to us to be an incredibly foolhardy action based upon a complacent assumption that the 'good times' will stay indefinitely," Haruko Fukuda, chief executive of the producer-funded WGC said in a statement. After the next sale in March a total of 125 tonnes will have been auctioned and gold will fall to around 15 percent of Britain's total reserves -- the same level as that currently held by the European Central Bank. "If the UK Treasury continues with its plan to sell a total of 415 tonnes the UK will be reduced to having just seven percent of its gross reserves in gold and in a global economic context such a sale unwisely yields a hostage to fortune," Fukuda added. uk.news.yahoo.com