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To: Investor-ex! who wrote (28486)	2/17/1999 12:47:00 PM
From: Hawkmoon	Respond to of 116764

Feeling a little Testy, aren't we?? I just wanted to know if you agreed with the author's comments. You posted it, now I just wanted to know your opinion on it. What's wrong with that? Surely I'm not that intimidating am I? Regards, Ron

To: Investor-ex! who wrote (28486)	2/17/1999 1:11:00 PM
From: Alex	Respond to of 116764

2/17/99 - Gold-hungry India"s imports up at 815 tonnes <Picture> NEW DELHI, Feb 17 (AFP) - India"s gold imports grew by 11 percent to 815 tonnes last year compared to 737 tonnes in 1997, the World Gold Council (WGC) said here Wednesday. The council in a report, however, said despite a growth in gold consumption, spending on the yellow metal during 1998 was 122 million dollars lower than the previous year at 5.8 billion dollars. WGC attributed the lower spending to a fall in the prices of gold and said: "It seems Indians have taken full advantage of the bargain price of gold in 1998. "Importantly, the figures also contradict the belief that foreign exchange outflows on account of gold are increasing in India," the Council"s regional executive Rolf Schneebeli said in the report. India, the world"s largest consumer of gold, hiked customs duty last month on imports by 60 percent to 400 rupees (9.5 dollars) for every 10 grammes (0.35 ounce) in a bid to cut down imports and raise the country"s foreign exchange reserves. The Council has warned the step would prove counter-productive and encourage smuggling to gold-hungry India. Experts say up to 9,000 tonnes of gold, worth more than 100 billion dollars, are stocked privately in India. Since gold production here is negligible, almost all the gold purchased is imported.