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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (41747)	10/1/1999 11:43:00 AM
From: hunchback	Read Replies (1) \| Respond to of 116764

Russia c.bank amends precious metals pricing system Reuters Story - October 01, 1999 11:37 By Alexander Yershov MOSCOW, Oct 1 (Reuters) - Russia's central bank has changed its procedure for setting the daily prices at which it buys and sells gold, silver and platinum from Friday, the bank said in a statement. The bank said that from now on it would use the London morning spot fixing price as the basis for setting its own prices for gold and platinum, at around 14.00 Moscow time (10.00 GMT). The new prices will be published before 14.30 (10.30 GMT) and will be effective until 17.00 (13.00 GMT) on the same day. The bank will buy gold and platinum at a 5.5 percent discount to the London morning fix and silver at a seven percent discount to the previous day's fix. Previously it had bought at a two percent discount to the previous day's afternoon fix, or, in the case of silver, which is fixed once daily, a two percent discount to the previous day's fix. It will offer gold and platinum at a 0.5 percent premium to the London morning fix, instead of a two percent premium to the previous day's afternoon fix. It will offer silver at a 0.5 percent premium to the previous day's fix. This is the first time the central bank has offered to sell the metals since August 28 1998, when sales were suspended in the midst of economic turmoil following the effective devaluation of the rouble on August 17. But purchases from the bank were not expected to be high given that the metals are available directly from producers at a more competitive price. "The prices are rising and falling and we have to protect ourselves against the possibility of an abrupt decline," a central bank source said, commenting on the decision. The source said the pricing procedure could be revised if Russia scrapped an export tariff on gold exports, so enabling the central bank to restart exports. Russia set a five percent export tariff on precious metals for six months from April 28 to boost budget revenues. This forced many banks to abandon their plans to export gold, and to start selling to the central bank instead. But a senior trade ministry official told Reuters on Thursday that the government would examine possibly discontinuing the gold export tariff from October 28. "Then we would be able to export gold, using it as a form of hedging, and not suffer losses as we do now from buying such expensive gold," the central bank source said. The bank added that even though gold had become more expensive, it would continue to buy material offered to it. World gold prices leapt earlier this week after 15 European central banks agreed to limit gold sales to 400 tonnes a year and to restrict leasing. But the prices have retreated since. The central bank announced on Friday the following prices: (roubles per gram) Oct 1 Sept 30 Gold 232.00/246.73 242.596/ - Silver 4.20/4.54 4.512/ - Platinum 313.92/333.86 323.197/ - ($1=25.05 roubles marketwatch.newsalert.com

To: goldsnow who wrote (41747)	10/1/1999 2:39:00 PM
From: John Paquet	Respond to of 116764

Attention!!! Goldsnow!!!! LAST WARNING!!!!! Subject 30730 Subject 24863 A man such your intelligence and hard working, could you read the definition of these two threads and their intentions and purposes???? Make no mistakes in your posting, you tend to post wrong information into wrong thread. If you are not change you apprach, I shall report you to Webmistress for her attention, OK!!!! Goldsnow!!! Dow @10199. Gold Dec closed $305.50 as floor pits daytrader sold their purchasing early hour and squared their postion before the weenendby taking losses. John Paquet