-Caveat Lector- Telegraph Online http://www.telegraph.co.uk http://www.telegraph.co.uk:80/et?ac=001785122525867&rtmo=wsQtQf5b&atmo=ttttt ttd&pg=/et/99/7/6/ngold06.html 20,000 lodge protests as gold reserve sale begins By Anne Hyland HM Government gold auction [28 Jun '99] - Bank of England THE Government has received more than 20,000 protests against its auction of gold reserves today amid claims that the decision will cause unemployment in South Africa. The Bank of England is to auction 25 tonnes of gold today as part of its plan to reduce Britain's reserves from 715 tonnes to 300 tonnes over the next few years. The World Gold Council yesterday said more than 20,000 callers had protested against the sale. Some council mining members also suggested the decision to sell the reserves, which led to the price of gold falling by almost $30 (�20) an ounce, could force the closure of mines in South Africa. The price of gold, which fell from $289.25 before the decision to auction the reserves, closed at $263.25 yesterday. The Government is also facing a legal challenge in the High Court from a jeweller in Southampton, Kim Rose, who is seeking leave for a hearing to stop further gold reserve sales and an explanation from the Government for its actions. The hearing is expected to go before the High Court today. Mr Rose said the Government was not aware of the action until yesterday when it was presented with documents from his lawyers. He said: "I didn't think of doing it until Friday. I thought some bigger government body would intervene but nobody has done anything about it." A Treasury spokesman said: 'The Government has adequately explained its reasons for the sale, which is to re-balance the Bank of England's portfolio so a great proportion of reserves are held in currency." Algy Cluff, chief executive of Cluff Mining, said the Government's actions had put the industry under pressure, as had the International Monetary Fund's plans to sell up to $2 billion of its gold reserves to relieve debt in poor countries. "We [the mining companies] are among the few organisations actively helping the Third World," said Mr Cluff, who has operations in South Africa, Zimbabwe and Burkina Faso. "They're talking about kicking away the important prop that's holding up the mining sector and that's the gold price," he added. The Bank of England declined to comment. Michel Camdessus, managing director of the IMF, said that the sales would be made at the right time and at a "reasonable price" so as not to further depress the gold price. At least five gold mines in South Africa have proposed sacking 8,000 miners because of lower gold prices. __________________________________________________ �������������������������������������������������� �������������������������������������������������� Today's mighty oak is just yesterday's nut that held its ground. http://www.davidicke.com __________________________________________________ �������������������������������������������������� �������������������������������������������������� Check out his website & books at: http://www.davidicke.com .... "The Biggest Secret" .... "...And the Truth Shall Set you Free" ==================================== Because e-mail can be altered electronically, the integrity of this communication cannot be guaranteed. . DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance�not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
