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To: goldsnow who wrote (9207)	4/2/1998 10:22:00 PM
From: gmweber	Respond to of 116762

goldsnow Gold retains lustre for those worried about devaluations South China Morning Post GOLD is the best investment among precious metals for investors worried that the Hong Kong dollar or the Chinese yuan might be devalued, according to bullion trader RNA Holdings. Chief executive Robert Sitt Chun-ho said as gold was denominated in US dollars it could be used as a hedge tool to protect savings even if regional currencies plunged again. Other metals, including silver, were not recommended because the value of silver had risen substantially in the past few months as a result of active buying by an international fund linked to investor George Soros. Mr Sitt said: "If you fear the Hong Kong dollar will depreciate, put some money, perhaps 5-10 per cent of your portfolio, into gold." The Hong Kong dollar and the yuan were the two currencies in the region which had remained unscathed by the depreciation of other regional currencies. As a spate of derivatives or investment tools sprang up in the last decade, the frenzy for gold had subsided, Mr Sitt said. "Derivatives and currencies offer relatively higher and quicker returns and, of course, they bear more risks. But people seem to have been attracted to quick bucks," he said. The price of gold is currently trading between US$290 and US$300 per ounce, which is almost the same level as 10 years ago. "People used to talk about gold prices when they had yum cha, but now they talk about yen," Mr Sitt said. "The price of gold has been going down since last year amid fears of further dumping by global central banks." Its price fell below US$300 last year, the precious metal's support level in the past few years, and dropped as low as US$200 at one stage. "Investors over-reacted to the dumping. Central banks last year sold only a small portion of their thousands of tonnes of gold reserve," he said. Selling pressure was likely to continue this year. However, Mr Sitt was optimistic about the upside of gold this year given strong demand from the region, the Middle East and India. Asia imports about 2,000 tonnes every year and was likely to buy more this year, he said. (Copyright 1998) _____via IntellX_____ Publication Date: April 01, 1998 Powered by NewsReal's IndustryWatch regards gmweber

To: goldsnow who wrote (9207)	4/3/1998 6:43:00 AM
From: Alex	Respond to of 116762

Russian bank 'in deep trouble' from JAMES HANSAM in Moscow CONCERN is growing over one of Russia's leading financial institutions in which the London-based European Bank for Reconstruction and Development is a key shareholder. A string of poor investments are said to be behind the troubles at Tokobank, which is listed as the seventh largest bank in Russia. Russia has so far avoided collapses among its major new financial institutions. However, analysts believe the outlook for Tokobank is gloomy as it borrows heavily to stay afloat. Stories circulating in Moscow suggest that the bank is in difficulty over forthcoming $250 million (œ149 million) repayments to Western creditors - including institutions in Britain. Tokobank is said to be the largest banking client of auditors Coopers & Lybrand in Moscow. It is understood that the Bank of Ireland recently considered taking a role at Tokobank. However, after examining the books the bank decided not to proceed. The European Bank for Reconstruction and Development is understood to have invested $35 million in Tokobank and owns 11.29% of shares. The Central Bank of Russia this week admitted to being "very worried" over Tokobank and media reports suggest that allegations of corruption and embezzlement are about to be made public. A major bank collapse could have a serious impact on Russia's economy, already strained by the fallout from Asia and political gridlock in the Kremlin. Another major shareholder is Sberbank, the largest in Russia, which has masterminded efforts in recent months to avoid a final crisis. The bank hit the headlines in London last year when œ1.5 million, apparently intended for the bank, was stolen at Heathrow airport. The cash was at first said to be American aid intended for Russia. However, later Russian media reports claimed it was part of a $10 million consignment of "dirty" money. After several days, Tokobank denied any link to the money, despite British police claims to the contrary. c Associated Newspapers Ltd., 03 April 1998 This Is London <Picture: Go Back> ÿ