- Press Release by the WGC in London
UK GOLD SALES - OVERWHELMING RESPONSE
TO "HOLD ONTO OUR GOLD"
LONDON: 30 June 1999 - Floods of irate British citizens choked
telephone lines yesterday to protest against the Labour government's decision
to start selling the UK's gold reserves next Tuesday.
Several thousand callers rang a freephone number to register their disapproval
of the gold auctions, which start with 25 tonnes of gold reserves going
under the hammer on 6 July. Another 390 tonnes are scheduled to be auctioned,
leaving Britain ultimately with just 300 tonnes of gold reserves.
Countless other callers were unable to get through as the switchboard
of the call centre fielding the calls was swamped. "In 10 years of operation
we have never had such a response," said a spokesman for the call centre
concerned. At one stage the call centre's switchboard was so heavily log-jammed
that its system crashed. Forty operators have been hired to field the
calls, which continue to come.
The callers were responding to advertisements in Wednesday's editions
of The Sun, the Daily Mail and the Daily Telegraph, placed by the World
Gold Council, which works on behalf of many of the world's leading gold
mining companies.
The advertisements read: "If you can tell the difference between gold
and paper, tell Gordon Brown before it's too late," and exhorted the government
to "hold onto our gold." At one point the number of callers succeeding
in getting through was almost 1,000 an hour, a vast number given that
the advertisements had only just been published. There were also hundreds
of faxes sent in, again protesting against the gold auctions.
"This is a staggering response, far beyond anyone's initial expectations,"
said Haruko Fukuda, chief executive officer of the World Gold Council.
"It underlines the fact that the vast majority of the UK's citizens do
not want the government to sell Britain's gold reserves, which are the
rock upon which this country's economy rests in times of crisis," she
added.
"We shall be presenting the results of this direct-action vote against
the gold sales to the government as soon as possible. Meanwhile, the lines
are still open until the end of the working day on Tuesday 6 July, and
we urge anyone who wants to see the Treasury reverse its position to call
in, on 0800 616 378," she said.
For further information contact:
London: 0171 930 5171
Haruko Fukuda, chief executive.
Robert Pringle, head of the Public Policy Centre.
Gary Mead, head of research.
New York: 001 212 317 3800
Michael Barlerin, corporate director, international communications
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