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

To: E. Charters who wrote (86218)	5/31/2002 10:34:19 PM
From: marek_wojna	Respond to of 116817

Will the B.o E. dump more gold?, rather harsh tone of the press in England: <<British Government Auctions Gold Reserves Off at Low Prices Source: Evening Standard Publication date: 2002-05-31 May 31--Gordon Brown has cost taxpayers an estimated UKpound 500 million -- equivalent to the cost of 10,000 new hospital consultants -- by selling off half of Britain's gold reserves, it was claimed today. The Government has auctioned 395 tonnes of gold reserves in 17 tranches since the disposal programme was announced in May 1999, netting the Treasury $3.5 billion. But the average selling price was $275 an ounce, more than $50 lower than the current $326. TheBullionDesk.com, a precious metals news service, has calculated that at today's price, the auctions would have raised around $4.1 billion, a difference of about $600 million or UKpound 440 million. The figure rises to UKpound 500 million because further losses have been incurred by investing the proceeds in currencies such as the euro and the yen which have depreciated over the past three years. The World Gold Council came up with a lower, but still-significant, figure of UKpound 324 million. Ross Norman at TheBullionDesk.com said: "The Chancellor is very fond of the word "prudent' but I am afraid that selling over half of this country's gold reserves when the price was just above a 22-year low was hardly prudent."