News Release
HM Government Gold Auction Result: 7
November 2000
7 November 2000
The Bank of England announces that the gold on offer (approximately 25 tonnes or 803,600 ounces) has been allotted in full at a price of $264.30 per ounce. Details of the result are as follows:
| Amount of gold on offer (approx.) | 803,600 oz |
| Amount applied for | 2,670,400 oz |
| Times covered | 3.3 times |
| Amount allotted to bidders | 804,000 oz |
| Allotment price | $264.30 |
| Scaling factor at allotment price | 36.2163% |
All accepted bids which were made at prices above the allotment price have been allotted in full at the allotment price. Valid bids made at the allotment price have been allotted an amount of gold equal to the amount bid for multiplied by the above scaling factor and rounded up to the nearest 400 ounces.
By close of business in London today, applicants whose bids have been successful in whole or in part will be notified by the Bank of England of the exact weight of the gold bars allotted to them and the amount payable in respect of their purchase. Payment must be made in US dollars to the Bank of England's account at the Federal Reserve Bank of New York, no later than 12 noon New York time on 9 November 2000.
Notes for Editors
On 3 March 2000, H M Treasury announced that, the Bank of England, on behalf of HM Treasury, is to sell approximately 150 tonnes of gold from the Exchange Equalisation Account in a programme of six auctions of around 25 tonnes each in the financial year 2000/2001 on the terms and conditions set out in an Information Memorandum which was published on 3 March 2000. This is the fourth auction in the programme of six. The first three auctions were held on Tuesday 23 May, Wednesday 12 July and Tuesday 19 September 2000. The remaining auctions will be held on Tuesday 23 January 2001 and on a date to be announced in March 2001.
Key Resources
 |
Auction Notice Download PDF |
|
Turnover of Bank of England Euro Bills
by market makers Download PDF |
|
Schedule of expected dates for auctions
during 2000 Download PDF |
|
Information Memorandum Download PDF |
