Before drawing up their recommendations, the union leaders had heard detailed presentations from South African Minerals and Energy Minister Phumzile Mlambo-Ngucka and from senior officials of the companies' World Gold Council, the Chamber of Mines of South Africa and the South African Reserve Bank. The unions' recommendations will now be sent to the World Gold Council, national banks and others whom the unions wish to engage in a continuing dialogue on the future shape of the industry. The proposals will also go to the ICEM's governing bodies for ratification. Recent sales of gold reserves have occurred at a time when the world economy, and particularly the US economy, has experienced growth. The release of above-ground bullion stocks should be regulated.
Central banks hold about a quarter of the world's above-ground gold.
Central banks have a primary obligation to help achieve stable economic growth. They cannot do this through speculative investment in the financial markets. All current plans for gold sales, announced or unannounced, should be publicly abandoned by the central banks, the unions insist. Measures must be taken to increase the consumption of gold . Better marketing of gold is needed, the unions say.