To: long-gone who wrote (77093 ) 9/21/2001 2:25:45 PM From: lorne Read Replies (3) | Respond to of 116752 I can't remember Gold council ever promoting gold as a currency? Council to add glitter to gold through $429m promotion Vivian Tse, Hong Kong iMail 22 September 2001 / 01:24 AM THE World Gold Council will spend US$55 million (HK$429 million) over the next five years on an advertising campaign to stimulate interest in the precious metal as jewellery. The council aims to increase gold demand by 6.5 per cent by 2005. The advertising campaign will work in conjunction with gold retailers in their respective local markets. In Hong Kong, ads will be run in partnership with local jewellery firm Chow Sang Sang for 18 carat products. Gold has fallen out of favour among Western consumers because it is now associated with everything from breakfast cereals to credit cards. However, in the wake of the terror attacks in the US last week, gold prices rose 7 per cent, reaffirming its appeal as a safe haven in terms of investment. ``The US terrorist attack will, for the time being, slow consumer spending, but it will only have a limited impact on the world market,'' said Bryan Parker, international director of jewellery at the London-based World Gold Council. Of the gold mined every year, 75 per cent is used to make jewellery, with South Africa being the largest gold producer in the world today. Gold is extremely rare; all the gold ever mined would fit underneath the Eiffel Tower as a 19-metre cube. More than 90 per cent of the world's gold has been produced since the Gold Rush in San Francisco in 1848. Vendors of the metal are now turning towards recently-deregulated markets such as China and India, whose markets have high growth rates. In the first half of this year, demand for gold in Southeast Asia reached 290 tonnes, representing 17 per cent of total demand. Of this, 251 tonnes were made into jewellery. In the US, the total jewellery market shrank 2 per cent in the first six months of this year, but the gold jewellery market has risen 5 per cent. In addition, the Washington Agreement on Gold has put a cap on buying and selling gold by central banks around the world. Mr Parker predicts that retail and institutional investors will invest more in gold and industrial investors will stimulate research into using gold in industry. hk-imail.singtao.com