§ Mr. CashTo ask the Chancellor of the Exchequer if he will make a statement on the Government's policy relating to gold sales; and if he will estimate the job losses there(a) have been and (b) will be in third world countries which produce gold, with particular reference to South Africa. [91879]
§ Ms HewittAs they will be spread out over a number of years, UK gold sales will be modest in the context of the world gold market. The 125 tonnes to be sold this year amounts to around 5 per cent. of estimated annual mining supply and less than a tenth of 1 per cent. of IMF estimates of above ground stocks of gold. Sales on this scale are unlikely to have a significant sustained impact on the price of gold.