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To: lorne who wrote (29815)	3/12/1999 9:48:00 AM
From: John Hunt	Respond to of 116762

A New Look At RANGY FWIW, RANGY NAV updated to current values kitcomm.com

To: lorne who wrote (29815)	3/12/1999 10:16:00 AM
From: lorne	Respond to of 116762

Russian Legitimate Gold Output Seen Falling In '99 russiatoday.com

To: lorne who wrote (29815)	3/12/1999 12:52:00 PM
From: Alex	Respond to of 116762

3/12/99 - Russia banks helping gold producers in crisis time. <Picture> MOSCOW, March 12 (Itar-Tass) - Russian banks are expected to boost national gold production, president of the Association of Russian Banks (ARB) Sergei Yegorov told Tass on Friday. In 1998, banks sealed agreements on the purchase of 90 tonnes of gold while the country produced 114 tonnes, Yegorov said. The cash-strapped state, which used to the main buyer of gold, is now unable to invest in it, and banks are the main sources of finance for many gold-producing companies. Sberbank, Vneshtorgbank, Rosbank, and Lanta-bank are among the organisations financing domestic gold production. People, too, have started to show interest in buying gold, he said. "According to some estimates, people have amassed more than five tonnes of gold in bullion, five tonnes of which were bought in the second half of 1998." However, the development of that market is being restrained by "lack of order in taxing operations with gold bars," he said, adding that the snag is that when buying a bar at a bank, the client should pay 20-per cent VAT which cannot be had back when the bar is returned to the seller. Yegorov said issuing gold coins to replace dollars and euros for long-terms savings, might help sort things out. But to have people trust in gold money, it should be made legal tender and part of monetary circulation. That would help solve the VAT problem, because it is not levied on conversion operations.