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

To: Enigma who wrote (57901)	9/6/2000 7:57:56 AM
From: long-gone	Respond to of 116759

Beijing move on foreign currency By James Kynge Published: September 5 2000 16:46GMT \| Last Updated: September 6 2000 02:18GMT China will free interest rates on foreign currency loans and some deposits later this month, it announced on Tuesday, in a widely anticipated move that represents an important step toward liberalising the country's fixed-interest-rate regime. From September 21 financial institutions will be allowed to set their foreign currency lending rates in line with the international market, the People's Bank of China (PBOC), the central bank, said in a statement. Rates on deposits of more than $3m would also be liberalised but the central bank would maintain control over deposit rates for lesser sums. (cont) news.ft.com

To: Enigma who wrote (57901)	9/6/2000 9:50:48 AM
From: Ken Benes	Respond to of 116759

Who am I: The producers could merge, should merge, maybe, I don't know, it will happen sooner or later. The companies have to experience more duress. Maybe the delay in consolidation is a result of the massive amounts of gold the producers have sold forward helping to drive the spot price to unsustainable levels considering the cost of production. The pain you mention is producer induced to a large extent. Without the forward sales, the consolidation of the producers who have occurred and the price of gold would have stabilized around an equilibrium level. The producers are only beginning to understand the damage they have reaped on their industry, however they remain in a state of ennui putting forward ridiculous ideas of selling gold over the internet. Come to think, it may not be a bad idea, having driven the price so low, the internet could use some novel trinkets to sell. On the other hand, triple d you have little capacity to understand the dynamics of an industry in tatters. Ken