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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.81

+0.9%

Nov 19 4:00 PM EST

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To: goldsnow who wrote (32281)	4/22/1999 2:46:00 PM
From: Alex	Read Replies (2) of 116762

Central Bank To Get Right To Buy Producers' Gold MOSCOW, Apr. 22, 1999 -- (Reuters) Russia's State Duma lower house of parliament voted on Wednesday to give the central bank the right to buy gold directly from producers to replenish its reserves. But the bill has only passed its first reading and still needs to pass another two readings and then be approved by the Federation Council or upper house of parliament and be signed by the President to become law. Under current legislation the central bank has the right to buy gold only from Gokhran, the state precious metals and gems reserve attached to the Finance Ministry, or from commercial banks. Central bank representatives have said more than once that the bank was interested in financing gold producers by buying their production in advance. Producers currently have to rely on Gokhran and commercial banks. The central bank's precious metals chief, Sergey Kyshtymov, said on March 11 that the bank's gold reserves were 520 tonnes and it planned to buy up to 90 tonnes of gold this year. ( (c) 1999 Reuters) russiatoday.com

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