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

To: PaulM who wrote (43951)	10/26/1999 5:32:00 PM
From: goldsnow	Respond to of 116764

The yen gained for the fourth straight day against the dollar and euro. It was trading at 104.65 yen per dollar, and earlier touched a high of 104.56 -- its strongest level since Oct. 1. Bryson expects the yen to climb to around 100 per dollar at year-end, and then to the ``mid-90's' in the first half of next year. quote.bloomberg.com

To: PaulM who wrote (43951)	10/26/1999 8:00:00 PM
From: Alex	Respond to of 116764

Regulate Central Bank Gold Sales, Says Union Business Day (Johannesburg) October 25, 1999 By Renee Grawitzky Johannesburg - The International Federation of Chemical, Energy, Mine and General Workers' Union (ICEM) representing 20-million workers worldwide has called for the establishment of a international institution based in SA to regulate central bank gold sales. This call forms part of a number of proposals made by the union in a discussion document on the gold industry crisis which will be debated at the World Gold Forum meeting in Durban on Wednesday. The union has called on United Nations' agencies, the World Bank and European Union to assist mining communities affected by mine closures and redundancies. "The western world, which has imposed gold as a cornerstone of the economy in many developing and emerging countries, should also accept that it has a moral and financial duty to intervene directly in order to cushion the economic and social impact of restructuring the economy," the document said. The proposals were drafted ahead of the recent decision by the central banks not to release more than 2000 tons of gold over the next five years. The union said although the announcement met some of its demands, there were indications that the increase in the gold price by close to $50/oz was highly speculative. "The fundamental problem of job security in the gold mining industry still needs to be addressed properly." In recent years job losses have not only been experienced on SA mines. The union said job cuts have been experienced in a number of African countries and in Australia, US and Canada. The report said the greatest employment impact of the fall in the world gold price was undocumented as it related to the millions employed in small-scale mining. The union proposed a number of other strategies to halt the decline in the world gold price, besides mechanisms to regulate gold sales. These included strategies to market gold sales. The union said the industry had always relied on gold "selling itself", but the time had come for the industry to co-ordinate its marketing effort in the same way that other producers of commodities sought to influence demand for their products. The intention of the World Gold Forum meeting organised is to bring together mining unions, employers and gold consumers to examine the industry's future. This meeting comes ahead of the ICEM world congress which also takes place in Durban from November 3 to 5. ------------------------------------------------------------------------ Copyright (c) 1999 Business Day. africanews.org