| LONDON - 9 July 1999
Increasing opposition to UK gold sales
MPs to receive letters of complaint
The 'Hold on to our Gold' campaign, sponsored by the World Gold Council,
is continuing to receive wide-spread support.
Britain's 650 MPs will next week receive sack loads of letters from
their constituents protesting against the Government's gold sales. The
WGC's campaign against the gold auctions has now received support from
more than 35,000 people throughout the UK. Chancellor Gordon Brown will
be receiving another petition next week, with a further 15,000 names opposing
the sales, following last week's delivery of a petition to the Treasury,
containing the names of more than 10,000 opponents.
The first sale of 25 tonnes was completed earlier this week (6 July)
at a price of $261.20 per ounce, more than $26 an ounce below the market
price when the government announced the sales on May 7. The value of the
UK's remaining 695 tonnes of gold reserves has thus fallen by £450m.
The Government plans to hold another auction of 25 tonnes on September
21, and a further 75 tonnes at bi-monthly auctions as part of a plan to
sell a total of 415 tonnes in the medium term.
"These sales have tapped into a depth of feeling among the British
public, a belief in the vital importance of the UK's gold reserves. Maybe
the Chancellor is surprised by this overwhelmingly hostile attitude towards
his bargain-basement sale of the country's gold. It is now crystal clear
that this week's auction has been a disaster: it is now time for the government
to reconsider their decision to sell any more gold," said Haruko
Fukuda, chief executive of the WGC.
"By the end of next week I hope that Britain's MPs will grasp that
this sale of one of Britain's most important assets, which is crucial
in maintaining economic and political sovereignty, is completely out of
line with what the ordinary British voter wants," said Miss Fukuda,
who added: "We are convinced that these auctions must be halted before
further and more serious damage is done."
- Ends -
Contacts:
Miss Haruko Fukuda, WGC 0171 930 5171
Garry Mead, WGC 0171 930 5171 or 01892 549525 (home)
Keith Irons, Bankside Consultants 0171 220 7477 or 0585 356639 (mobile) |