News Release
HM Government Gold Auction
28 June 1999
The Bank of England today announces the first auction on behalf of Her Majesty's Treasury of approximately 25 tonnes of gold. The auction, which will be on a single, or uniform, price basis will take place on Tuesday, 6 July 1999.
A copy of the auction announcement notice published by the Bank of England is attached.
NOTES FOR EDITORS
On 7 May 1999, H M Treasury announced a restructuring of the United Kingdom's official reserves which involves a programme of gold auctions. The announcement stated that, on behalf of H M Treasury, the Bank of England is to sell approximately 125 tonnes of gold from the Exchange Equalisation Account in a programme of five auctions of around 25 tonnes each in the financial year 1999/2000 on the terms and conditions set out in an Information Memorandum which was published on 11 June 1999. It is intended that the remaining four auctions will be held every other calendar month, ie in September and November 1999, and in January and March 2000.
Key Resources
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Auction Announcement Download PDF |
