Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (68213)	6/14/2000 1:16:00 PM
From: Roebear	Respond to of 95453

jim_p,OT Congratulations on ROIL, I looked at it yesterday, but not closely enough! Here's some news from a US trading partner that maybe was not impressed with our CPI: JOHANNESBURG ( Reuters, 14 Jun 2000 - 16:33 ) - South African investment banker Investec Group said on Wednesday it had signed an agreement with the People's Bank of China to supply a minimum of 15 tonnes of gold a year for an unlimited period. "The agreement is for an unlimited period of time, providing for the supply of approximately one ton of pure gold every three weeks," Investec said in a statement. The agreement was valued at $150 million and was signed on Tuesday, the statement said. The gold will be procured from the world's largest gold refiner Rand Refinery Ltd, which is owned by local gold companies. The deal comes after a visit in April to South Africa by China's President Jiang Zemin, the first by a Chinese head of state, when it was agreed to forge closer trade links. The deal will be a welcome boost to South Africa, whose exports to China total about $200 million a year. The head of Investec's International Banking Division, Helmut Bahrs, told Reuters by telephone from China that there was potential for the amount of gold shipped to China to be increased. "If the parties are happy with the execution of this deal, there is a possibility to increase shipments," Bahrs said. He said Investec had been chosen because it was active in the Far East and a keen player on the Hong Kong gold market. South Africa's AngloGold ( AU ) , the world's largest bullion producer, has identified China as an important market for gold sales. South Africa last year produced 450 tonnes of gold and the deal is the first to sell South African gold directly to China, Rand Refinery's marketing and gold sales manager told Reuters. "We sell about two tonnes of gold every day so one tonne every three weeks is not serious. What is serious is that this is the first time that we sell any gold into China," Rand Refinery's Johan Botha said. He said China had traditionally sourced its gold shortfall from Swiss refineries. The People's Bank is the only legitimate importer of gold and Chinese jewellery makers have to buy from the bank. Investec said it was believed China had bought 60 tonnes of gold over the past 18 months and its uptake could increase as China's government opened its markets Best Regards, Roebear