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

To: lorne who wrote (47572)	1/27/2000 12:29:00 PM
From: Alex	Read Replies (1) \| Respond to of 116759

Gold chief raps UK Haruko Fukuda, chief executive officer of the World Gold Council, said today that the current gold auctions being staged by the Bank of England on behalf of the UK Treasury have sent an intensely damaging message through the market place. In a speech to the Business Club Zurich, Miss Fukuda said: ?That message is not one of the British government mobilizing its gold reserves in order to help solve some domestic crisis? but instead, one of the British government selling its gold reserves because it no longer believes in gold as a reserve asset?. ?We do not oppose official sector sales and lending of gold per se. For to do so would be to confine gold to the museum, where many of its enemies want to see it. No, what we oppose - and vigorously - are the activities of central banks and governments that undermine or damage the continuing role of gold as a strategically vital economic asset.? ?Britain?s plan to reduce gold reserves to a mere 300 tonnes, on a par with the gold reserves of Albania in percentage terms, is surely relegating gold into a less important category.? Miss Fukuda added: ?Some clouds, however, may have silver ? or perhaps gold ? linings. The British decision was extremely unpopular with other central banks, especially in Europe and helped prompt the European Central Bank?s decision to adopt the Washington Agreement on Gold, so limiting sales of reserves to approximately 400 tonnes a year for the next five years.? She concluded her speech with a reference to the great Russian opera singer, Feodor Chaliapin, who after losing his entire fortune ? then worth more than a million pounds ? in the Russian revolution said, ?with my bar of gold and my pen knife, I shall never go hungry.? The gold proce was $285.50 an ounce, unchanged on the day. ¸2000 CityWire.co.uk citywire.co.uk