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

To: long-gone who wrote (18153)	9/8/1998 9:39:00 PM
From: goldsnow	Respond to of 116909

Richard, believe me a lot of buying going on in Moscow and it ain't fancy coffee..As you say gold is money <<<''We will use our right of first refusal and will pay the London gold price,'' Skripchenko said.>>> Russia not to monopolise gold purchases -Gokhran 06:07 a.m. Sep 08, 1998 Eastern MOSCOW, Sept 8 (Reuters) - Russia will not impose a monopoly on gold purchases even if a plan to peg the rouble to gold and currency reserves is adopted, a government official said on Tuesday. ''There will be no state monopoly,'' Vladimir Skripchenko, deputy head of department at the state precious metals and stones reserve, Gokhran, told Reuters. ''If the decision is taken to peg the rouble to the gold and foreign exchange reserves, it will be done under existing mechanisms,'' he added, saying that this was the official position of Gokhran, part of the Ministry of Finance. Acting Prime Minister Viktor Chernomyrdin told the upper house of parliament on Friday that Russia should peg the rouble to the country's foreign currency and gold reserves, a system similar to a currency board. Skripchenko said that if this system was applied, Gokhran would be ready, within the existing law on precious metals and stones, to pay gold producers in advance, effectively giving them a loan, and collect their production later. The state gives such loans to producers at a fixed rate. Under current legislation, producers must give Gokhran the first option to buy gold. They can sell to commercial banks only if Gokhran does not exercise its option to buy. ''We will use our right of first refusal and will pay the London gold price,'' Skripchenko said. ''So there will be no monopoly and no (arbitrarily) fixed price,'' he said. Copyright 1998 Reuters Limited.