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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.98

+0.6%

Nov 21 4:00 PM EST

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To: lorne who wrote (34895)	6/6/1999 5:27:00 PM
From: Alex	Read Replies (2) of 116764

6/06/99 - Residents of Alma Ata region lend gold, money to state. <Picture> ALMA ATA, June 6 (Itar-Tass) - Residents of the Karasai district of Kazakhstan"s Alma Ata region have lent 300 golden articles and more than 10,000 dollars to the People"s Bank in response to the appeal of the local legislature for supporting the budget without foreign loans and credits. The "Golden Fund -- Golden Deposits" campaign provides for the long-term use of precious metals and money by the state and the future return of lent articles and cash to their owners with interest. Still, many doubt the success of the "Golden Action." They say the loans are poorly secured, their goal is unclear, and it would have been better to have proper financial-legal mechanisms for preventing the funds" embezzlement by civil servants. The campaign is turning into a compulsory deed. Heads of some enterprises and organizations have started to make lists of future donors and to fix the size of donations. In the opinion of local observers, such an initiative will quickly spread throughout the republic and result in the opening of numerous offices to accept the donated gold.

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