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

To: Rarebird who wrote (50181)	3/8/2000 9:00:00 AM
From: Gord Bolton	Respond to of 116752

PARLIAMENT: TREASURY - Watchdog to query sale of gold reserves Source: The Independent - London THE GOVERNMENT'S spending watchdog is to investigate Gordon Brown's decision to sell off 415 tons of gold from reserves. Conservative MPs have complained that the sales, which began last year and will continue until 2002, were ill-timed because they were announced when the price of gold was at a 20-year low. Some have suggested that they were designed to shore up the euro. The National Audit Office said yesterday it was studying the sell- off, as it did all important government sales, and would look at whether it achieved good value for money. Its report would be published at the end of the year. The Government is putting the proceeds of its sales into dollars, euros and yen and will keep 300 tons in gold. The Treasury said the sales were necessary to give the Government a more balanced investment portfolio. But the Government's losses could be up to pounds 85m, say some sources in the gold industry. Gary Mead, head of research at the World Gold Council, said while several countries had sold large quantities of gold or were planning to do so, most had a larger proportion of their reserves in gold than Britain did. "What worries me particularly is that they are not listening to anything the market is saying to them," he said. Publication date: Mar 08, 2000 ¸ 1999, NewsReal, Inc.