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Gold/Mining/Energy : Gold Price Monitor

GDXJ 145.00

+2.0%

Jan 23 4:00 PM EST

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To: PaulM who wrote (26969)	1/25/1999 1:09:00 PM
From: Alex	of 116914

1/25/99 - Russia"s Gokhran to provide 5 tonnes of gold to mint coins. <Picture> LONDON, January 25 (Itar-Tass) - Russia"s state repository Gokhran has been allowed by the government to use five tonnes of gold to mint gold coins. The State Duma has given its overall approval to the project and the new coins may hit the market already in February. Tatiana Safonova, head of one of Gokhran"s departments, told Itar-Tass on Monday that the coins will contain 3.3 and 7.74 grams of gold. The new coins will be offered to the population in a bid to invest their savings in the economy. The actual value of the new gold coins will consist of "the market rates of precious metals plus a small mark-up for minting," she explained. All proceeds from the sale of coins will go to the development of gold-mining industry. Safonova noted that Russia"s gold reserves stand at 380 tonnes and the new project will not practically touch them.

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