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

To: Alex who wrote (8764)	3/23/1998 11:53:00 PM
From: gennady	Read Replies (1) \| Respond to of 116756

London-March 22-FWN/UPI--A KEY SWISS BANK CORPORATION (SBC) official said the world's largest gold-mining companies are planning a coin that could seriously enhancethe demand for gold. The senior SBC gold division director, Oliver Baring, says in Britain's Sunday Times: "Our initial calculations take aim at potential sales of the coin at substantiallyabove 1,000 tons." He speculates that sales could even exceed 2,500 tons. Gold mining and marketing industry executives confirm that what's being planned is a global millennium coin that could dramatically alter the supply-demand balance. The project, as described in the Sunday Times, is led by Canada's Barrick Gold, and contemplates a major sellingcampaign. The newspaper reports that those behind the plan say they hope to sell as many millennium coins as the mighty South African Krugerrand sold. Krugerrand sales have totaled more than 1,400 tons. News reports said initial proposals would establish a marketing and coordinating Millennium Gold Company, with a promotional budget close to the yearly $200 million behind the De Beers recent diamond push. Backed by a contemplated advertising budget of more than $150 million, the millennium coin is being created to offset depressed worldwide gold sales and the effects of the south-east Asian crisis. In London, central bank gold sales hit 825 tons lastyear. The gold price closed in London on Friday at $291.70, down from more than $400 less than three years ago. Among the companies involved in the plan, are the Anglo American Corporation of South Africa and the world's largest gold producer, Newmont and Placer Dome. Swiss Bank Corporation in London is coordinating creation of the coin.