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

To: Ahda who wrote (60103)	10/25/2000 7:11:48 AM
From: long-gone	Read Replies (1) \| Respond to of 116753

<<Liquidity and therefore tighter prices are likely to gravitate to only one or two exchanges, even assuming that the existing inter-bank market survives. That hardly matters in trade between dollar, yen and euro, but could make a big difference to the cost of buying or hedging minor currencies. Competition between Internet portals should ensure that it is worth customers’ while to go on-line. Liquidity is vital if multinationals and fund managers are to be able to deal in big sums. >> Thanks, that is one we must all remember. "Gold is(best case) a minor currency".

To: Ahda who wrote (60103)	11/2/2000 10:46:51 AM
From: Stephen O	Respond to of 116753

China May Open Its First Gold Exchange in Shanghai by Year-End Shanghai, Nov. 2 (Bloomberg) -- China could open its first gold exchange in the coastal financial center of Shanghai by the end of the year as efforts to speed the reform of the domestic gold market gather pace, an official said. The Huatong Nonferrous Metal Wholesale Market, which became China's first silver market on June 28, is hoping to host the gold trade, though the location of the exchange in Shanghai hasn't been decided, said Wang Jin, head of the market's information department. ``The central government has picked Shanghai over four other cities to host the exchange and it should be established by late this year or early next,'' Wang said. ``We hope our market will be chosen to handle the trade, though there is no final decision yet.'' The People's Bank of China, the nation's central bank, controls the purchase and sale of gold, though China's entry into the World Trade Organization by early next year will force it to open the monopoly. A People's Bank of China official declined to confirm the exchange would be set up in Shanghai. ``As far as I know there is no official word on when the exchange will open,'' said Shen Gang, chief of the Gold and Silver Division under the Currency, Gold and Silver administration of the People's Bank of China. In March a government official had said the establishment of a gold exchange could take two years. Shanghai beat out Beijing, Tianjin, Shenzhen and Dalian, to win the exchange, Wang said. China's ruling State Council, or cabinet, made the decision in the past 10 days, she said. The producer-funded World Gold Council last week forecast reform of the domestic gold market could push up China's gold consumption to as much as 600 metric tons a year within three years of deregulation from about 200 tons now. --Edmond Lococo in the Beijing bureau (8610) 6539-1201, or at elococo@bloomberg.net /pl