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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (2985)	2/24/1999 11:55:00 PM
From: C Bunka	Read Replies (1) \| Respond to of 3282

Here are the annual figures representing net demand for gold: 1994: 2592 tonnes 1995: 2866 1996: 2779 1997: 3054 1998: 2713 Note that '98 demand was impacted by the Asian Crisis. South East Asian demand was 318 tonnes in '97, but dropped to NEGATIVE 111 tonnes in '98. This was due to nations like South Korea going on gold drives and the citizens handing in their old gold watches and grandma's rings to the state to bail out the country. If South East Asin demand had only equalled that of '97, then '98 demand would have been 3142 tonnes - a new record. Central bank selling in '97 was NET 406 tonnes. Recycled gold and scrap meet only about 10% of annual demand. Looks to me as though there is plenty of demand here to drive gold prices higher. The low gold price has to be attributed to something else... All data provided by IMF, World Gold Council, Financial Times of London