Why Bankruptcy Became So Popular
Letter from GEORGE MILLING-STANLEY, Manager, Gold Market Analysis, World Gold Council, to the Editor, New York Times May 5th, 1999
Floyd Norris's assertion (Editorial Observer, May 4) that the world ''sees little need for gold'' is misplaced

Why Bankruptcy Became So Popular
Published: May 08, 1999
To the Editor:
Floyd Norris's assertion (Editorial Observer, May 4) that the world ''sees little need for gold'' is misplaced. Opinion research conducted in Europe last summer for the World Gold Council found an overwhelming number of people who supported gold's continuing role as a reserve asset that supports Europe's monetary system.
Eighty-seven percent of respondents in France, 80 percent in Germany and 85 percent in Italy believe that their country's national central bank should maintain or increase their current level of gold reserves.
Moreover, some 91 percent of respondents in France, 75 percent in Germany and 80 percent in Italy were firm in their belief that the new European Central Bank should hold at least the same proportion of reserves in gold as their national central bank.
GEORGE MILLING-STANLEY
Manager, Gold Market Analysis
World Gold Council
New York, May 5, 1999

Setting Records Straight
It sounds like George was trying to correct some of the negative waves surrounding gold, in the press during the last year of so of the 20th century.