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Gold/Mining/Energy : A to Z Junior Mining Research Site
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To: 4figureau who wrote (4185)4/23/2003 1:26:05 PM
From: IngotWeTrust   of 5423
 
Around the circuit...The Indian Press is reporting that ICICI Bank, which suffered
a short-term loss of confidence in the early part of last
week, asked for cash payments against its regular gold sales
rather than drafts or cheques in order to tide it over.
The bullion was sold locally to bullion traders and jewellers
at a time of extremely strong demand (height of the Indian
wedding season) and did not disrupt the market. The bank
is reported to be a regular seller of 500-600kg of gold
daily; this level was apparently doubled on April 16th
following three days of national holidays and the metal
was delivered immediately against cash, rather than waiting
for cheques or drafts to clear. The amount sold was
approximately Rs 60 crore, (or approximately US$13M,
equivalent to approximately 1.2 tonnes at today's rates)
as compared with the Rs 2,000 crore facility that the
bank is said to have arranged with the Reserve Bank of India.

Thanks World Gold Council, "report" Rhona Connell
dateline: London 4/23/02
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