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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.04

+0.4%

Nov 11 4:00 PM EST

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To: Bucky Katt who wrote (7251)	2/4/1998 8:10:00 PM
From: lorne	Read Replies (1) of 116756

02-05-98 : NCNP Receives 7-Ton Gold Contribution Offer Members of President-elect Kim Dae-jung's National Congress for New Politics (NCNP) were recently offered an almost unbelievable donation of 7 tons of gold bars to be used to helping Korea overcome its financial crisis. An NCNP official yesterday said a woman who claims to be a proxy for a Korean residing in the United States recently visited the NCNP's headquarters and conveyed this wish to donate to the Korean government a half of the 14 tons of gold bars he has deposited in a U.S. bank. The woman, who remains anonymous, presented a certificate of deposit to the NCNP official, who later confirmed it was genuine. The official quoted the woman as telling him that the Korean in the United States wanted to join the nation's patriotic campaign to collect gold to help overcome its current economic difficulties. The donation of the proposed 7 tons of gold, whose market price is estimated at about $70 million, if realized, would contribute to revitalizing our battered economy, said the official. The NCNP is exploring ways to utilize the gold, including obtaining foreign loans using the gold as collateral. (NIS)

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