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

To: long-gone who wrote (71773)	6/15/2001 8:35:37 AM
From: lorne	Respond to of 116788

Russia to increase gold buying, production in '01 15/06/2001 01:44 Moscow - Russia's state precious metals and gems reserve, Gokhran, will increase its gold purchases in 2001 by 20% from more than 20 tonnes in 2000, Gokhran head Valery Rudakov told Reuters on Thursday. "We'll hope to buy 20 percent more. We buy only on the free market and it depends on metal available outside contracts," Rudakov said. Rudakov also said Russia intended to increase its own gold production by 10% this year. Last year the country produced an estimated 145 tonnes of gold. Gokhran can buy gold only on the free market because Russian banks pre-finance gold production and gold producers repay the loans in gold. This means the bulk of production is tied up in contracts and therefore not available to Gokhran. Rudakov said Gokhran had already begun buying this year's increased amount of gold. The head of the Gold Industrialists' Union, Valery Braiko, said at the end of last year that Russia would produce around 146 tonnes of gold in 2001, about the same as it did in 2000. He said that level of production would be attainable if the economic situation remained stable and energy tariffs did not rise. Russia obtains gold from mining, as a byproduct of the production of other metals and from scrap. news24.com

To: long-gone who wrote (71773)	6/15/2001 8:37:35 AM
From: Crimson Ghost	Read Replies (3) \| Respond to of 116788

The NAM probably will not get its wish of a 30% drop in the dollar, but a substantial decline is indeed in store. I look for gold to breach $300 decisively within the next few months as the impending buck bear takes hold. BTW, long time gold bear Zeev Head who still is very cautious on gold near-term, now looks for a rise to $350-$400 in 2002. He sees the dollar remaining strong this year, but breaking sharply next year. So even if we don't breach $300 soon, such a move looks to be just a matter of time.