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

To: Crimson Ghost who wrote (5573)	1/11/1998 11:27:00 AM
From: James R. Barrett	Respond to of 116756

George, every time my gold mutual fund goes down another 10% I buy more shares. I will continue to do this until it starts to go up. It may take one, two or five years for gold to get back to $385+, but it will as sure as the sun will rise tomorrow. The turn around will begin when people start buying solid gold chains instead of the crummy hollow ones. <G> Jim

To: Crimson Ghost who wrote (5573)	1/11/1998 6:43:00 PM
From: goldsnow	Respond to of 116756

Dubai faces gold shortage as prices drop 05:20 a.m. Jan 11, 1998 Eastern DUBAI, Jan 11 (Reuters) - Booming Indian demand for cheap gold has led to a shortage in the world's top redistribution centre Dubai, with seasonal buying expected to give the market another lift, traders and experts in the Gulf emirate said on Sunday. ''The insatiable demand for gold in India has once again turned into an avalanche,'' said S.L. Mandawat, a Dubai-based gold consultant to the United Nations. India is the world's largest gold market. Traditional gold purchases during India's wedding season and the current Moslem holy month of Ramadan have been underpinned by gold prices at 18-1/2 year lows, traders said. ''Demand from India is very high...There is a shortage of gold in Dubai nowadays because it is so high,'' one said. ''The price is low and there are seasonal factors,'' he said. ''Demand is also high from other Asian countries including Pakistan, Sri Lanka and Thailand.'' Gold prices in Dubai on Sunday were about 20 percent lower than one year ago. The benchmark ten tola (TT) bar, 3.746 ounces of 24- carat gold, was quoted at 3,950-3,960 UAE dirhams. One trader said the price included a premium of $7-$10 due to the shortage of TT bars. Spot international gold was last quoted on Saturday in Hong Kong at $278.45-$278.95 an ounce, compared to $288.30-288.80 on January 3. Some traders expected further sales as the holiday of Eid al-Fitr at the end of Ramadan in late January approaches. Saudi newspapers have also reported booming gold trade in neighbouring Saudi Arabia on the back of the low prices and increased shopping during the Islamic holy month. But traders' optimism for the Dubai market was kept in check by fears India's liberalisation of gold imports could sideline the redistribution centre. The small, tax-free emirate of just 600,000 people emerged from 1997 as the world's largest gold redistribution centre, importing more than 600 tonnes of the yellow metal for re-export mainly to the Indian subcontinent and surrounding Gulf states. Imports of gold into Dubai -- mainly from Switzerland, Britain and South Africa -- are expected by the World Gold Council to grow again in 1998. But traders said the exact increase will depend mainly on future price direction and the effects of India's new import rules. India in October decided to liberalise its bullion policy by allowing authorised agents including banks to import and sell gold and silver in the domestic market. ''Increasingly you'll see gold officially bought and going directly to India instead of through non-resident Indians (living in the Gulf),'' one trader said. ''Some of the important Dubai bullion dealers whom I met were of the opinion that sooner (rather) than later...gold shipments will start landing in India directly, a day they are not keen to look forward to,'' U.N. adviser Mandawat said. ($-3.67 UAE dirhams) Copyright 1998 Reuters Limited. All rights reserved.