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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: Cytotekk who wrote (3978)	6/2/1998 12:11:00 AM
From: Diamond Daze	Read Replies (2) \| Respond to of 34075

Thought you would like to read this... Monday June 1, 11:19 am Eastern Time Russia's Uneximbank exported gold, silver MOSCOW, June 1 ( Reuters ) - Russia's powerful Uneximbank said on Monday it had delivered the first lot of over one tonne of gold and 12 tonnes of silver to London on Saturday under a precious metals export licence it had recently obtained. An Uneximbank statement quoted the head of the bank's precious metals department,Yevgeny Ivanov, as saying that gold exports would allow Uneximbank to buy precious metals from prospectors at a price above what the central bank pays commercial banks. Another big Russian bank, Rossiisky Kredit, said in May it planned to export 20 tonnes of gold and 50 tonnes of silver this year. Russia has recently allowed commercial banks and major gold producers to export gold directly, instead of through the central bank, as part of the project to liberalise the heavily centralised sector. Output has slumped in recent years since as producers do not have the funds to pre-finance production, and the government introduced the current measure to enable commercial banks to arrange finance which it was no longer able to do. Uneximbank's statement said the bank had already extended credits to gold-miners to finance seven tonnes of gold production, adding credit volumes would increase. Monday June 1, 3:35 pm Eastern Time Canada gold shares sink as bullion continues slide TORONTO, June 1 ( Reuters ) - Shares in Canadian gold mining companies fell sharply in midday trading on the Toronto Stock Exchange on Monday as renewed pessimism about Asia's economic health and fears of future European gold sales gripped markets. Gold fell to $288.50 an ounce, its lowest level since mid-January, after Russian bank Uneximbank said it had begun gold shipments under a new export regime. The move triggered fears of gold supply hikes from Russia and further gold sales by European banks. Gold markets also reacted to a torrent of gloomy economic news and lowered credit ratings in Asia, with some economists forecasting the region would face a more pronounced economic slowdown than previously expected. ''The selling has come from reports of some gold from Russia, but basically it is the whiff of deflation coming out of the Far East that is causing a rush to the U.S. dollar at the expense of gold,'" Well there you have it...Cheers