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To: The Barracuda™ who wrote (34902)	6/6/1999 5:25:00 PM
From: Alex	Read Replies (1) \| Respond to of 116764

6/05/99 - China Planning Gold Price Reform <Picture> BEIJING (June 6) XINHUA - Plans are being drawn up to reform China"s pricing system for its gold products to keep pace with changes in the world market. The aim is to keep prices in line with the world gold market which will improve competition and encourage innovation and creativity in design, according to a source at the State Development Planning Commission. The reform measures include: changes in retail and wholesale prices based on fluctuations in the world market; separating actual prices from processing fees; altering procedures for setting prices in ratio to weight; and reducing taxes in a bid to lighten the financial burdens on relevant producers. China"s authorities have long exercised tight control over gold products, resulting in price differences between the domestic and global markets. Prices of gold ornaments in China"s mainland areas are 20 to 35 yuan higher per gram on average than those in Hong Kong Taiwan, Thailand, and Singapore. In addition, taxes paid by China"s gold enterprises are higher than those in other southeast Asian nations and regions, with the value added tax rate and consumer tax rate standing at 17 percent and 5 percent, respectively. In contrast the Republic of Korea and Thailand have a value added tax levy of 10 percent, and Singapore charges only 3 percent consumer tax. According to official statistics China used approximately 192 tons of gold in 1998, making it the fourth largest gold market in the world as well as number one in the Far East. China now has 340 gold ornaments manufacturing and wholesale firms, and more than 10,000 retail sales outlets, which use over 200 tons of gold annually resulting in 30 billion yuan worth of business volume. Enditem 06/06/99 02:31 GMT

To: The Barracuda™ who wrote (34902)	6/6/1999 9:30:00 PM
From: SgtPepper	Respond to of 116764

Idle thoughts as the week begins - Thursday and Friday marked a change that we have not seen for 7 months or more in the futures markets. Massive short covering in the grains and softs. Cocoa, the lowest of the low, was the standout performer. The short covering is partly due to option expirations, partly to the change in stance at the FED. 50% run up in crude was only the beginning. Minneapolis wheat, meal and oats looking good. Even the beans are holding their own these days. The US dollar is buffeted in two directions, up because of possible higher interest rates in the US, down due to ending of war. For gold, the more important currency is the euro, and that should soon strengthen. Recent Latin American currency scares seem to have been forgotten. Asia looking better every day. Bought into TRF last week, feeling good about that one. XAU seems to be recovering. Grains should continue to price in weather fears. Silver and palladium are the wild cards. By Year 2000, current fears of deflation will be long forgotten.