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

To: PaulM who wrote (4269)	12/14/1997 6:03:00 PM
From: goldsnow	Respond to of 116768

Wow, Mr. Munk has a good ally!!! China says won't sell gold in large quantities 04:16 p.m Dec 14, 1997 Eastern BEIJING (Reuters) - China has no plans to follow the central banks of some countries which have been selling large amounts of gold, the China Daily Business Weekly reported Sunday. ''China will by no means sell gold in large quantities on the international market,'' the newspaper quoted an unidentified central bank official as saying. Worldwide confidence in gold has been eroded by central bank selling. Prices fell this month to their lowest level in 18 years. Pressure was building on China to further adjust its gold purchasing and selling prices after already reducing them twice this year, the weekly said. ''In accordance with common practice, our purchasing price for gold is supposed to be pegged to the ever-changing global price,'' the central bank official said. ''Otherwise rampant smuggling and distorted expenses paid to gold mines would cause significant losses to the state coffers,'' the official said. He did not comment further. Last week, the semi-official China News Service said domestic gold prices were expected to stay at levels in the near future. China was expected to produce at least 150 metric tons of gold in 1997, the weekly said, quoting Wang Dexue, director of the gold bureau under the Ministry of Metallurgical Industry. China's gold output in the first 11 months of 1997 totaled 137.1 tonnes, a 27.8 percent year-on-year increase. Gold production last year was 120.6 tonnes, up by about 12 percent compared with 1995. China's gold industry has incurred a debt of more than 5 billion yuan ($600 million) due to falling prices, illegal mining and the huge number of redundant workers, the weekly said. Copyright 1997 Reuters Limited. All rights reserved.