PHLX Gold/Silver Sector (XAU)

[long-gone]

To:John Barendrecht who wrote (302)
From: Darleen Shurgot Tuesday, Jul 8, 1997 9:03 AM
Respond to of 80032

John a shade of the subject of price of gold. Do you happen toknow how much gold Canada produces? This thought came about from the fact Calgary becomes a very regressed economy when the price of oil drops.
Darleen

To:Darleen Shurgot who wrote (309)
From: Arge Tuesday, Jul 8, 1997 9:08 AM
Respond to of 80032

Gold firming-up... Last quote: $321.40
Gold chart:
http://www.kitco.com/gold.graph.html

To:Darleen Shurgot who wrote (309)
From: John Barendrecht Tuesday, Jul 8, 1997 11:11 AM
Respond to of 80032

Darleen, you're right when our gov't introduced the National Energy Program (nice word for TAX), Calgary was a disaster area. Houses that were worth $100,000 dropped to half of that. Foreclosure Centres were a doing booming business. Don't think they will do that again. Mind you, no one learns from history! Canada has a stated policy to sell ALL it's gold reserves. I will look into how much gold Canada produces.

To:mikesloan who wrote (308)
From: John Barendrecht Tuesday, Jul 8, 1997 11:13 AM
Respond to of 80032

Yeltsin seen signing gold export decree soon
MOSCOW, July 8 (Reuter) - Russian President Boris Yeltsin will soon sign a previously announced decree allowing commercial banks to export precious metals, but the move will not result in a flood of exports, central bank officials said on Tuesday.

Central bank deputy chairman Alexander Potyomkin told a briefing the decree would cover commercial and central bank operations.

``The main goal in liberalising....gold and silver exports is to offer a link with the world market for our fledgling precious metals market,'' he said.

Sergei Kyshtymov, head of the bank's precious metals department, said 49 commercial banks held licences to export precious metals but that those banks had a mere five tonnes of gold.

``What can five tonnes do to the market, which can easily digest such volumes?'' he said.

Russia says it is working to liberalise its gold sector, but the moves it has taken have not resulted in big changes, like commercial banks financing significant output or exports.
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=1719737