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--- Begin Message ----Caveat Lector- 8:53p PT Tuesday, January 28, 2003Dear Friend of GATA and Gold: Here's the best gold story of the month. What's the difference between China's central bank and the central banks of the West? China's central bank is quite open about its intervention in the gold market to suppress the price. Here it is, in black and white below. Is there really anyone left who seriously argues that this kind of thing doesn't happen? Is there really anyone left who does not believe that gold demand is now much greater than supply? But is there anyone in the financial press who can grasp the significance of this and make it plain to the public? CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. * * * China's central bank intervenes to rein in gold prices http://biz.yahoo.com/rm/030128/minerals_china_gold_1.html By LEE CHYEN YEE SHANGHAI, Jan 28 (Reuters) -- China's central bank, seen intervening recently in Shanghai's gold exchange to curb sky-high prices, is expected to allow trade to return to normal after the Lunar New Year holiday next month, traders said on Tuesday. Domestic gold prices rose to such dizzying heights that the central People's Bank of China sold some of its precious metal to cool prices, which had risen above world levels due to a demand spike before the important annual holiday, they said. But demand for gold should slacken after the February 1-7 holiday and prices would stabilise, traders said. The central bank attempted to rein in prices to help domestic gold processors curb rising production costs and prevent firms from importing gold illegally to cash in on spreads between domestic and global prices, they said. "The central bank is unlikely to intervene if everything goes back to normal after the New Year," said a floor trader. "The government will still want to let the market determine prices." The central bank sold nearly 600 kg of gold just before the market closed last Wednesday, pushing prices down by more than one yuan to around 96 yuan ($11.6) per gramme, although prices and volumes still closed at record highs. "The central bank intervened several times in the past few weeks because prices went too high," said a second floor trader. Domestic gold prices have hit new highs repeatedly over the past week, surpassing world prices and hitting six-year highs this week at $372.60 an ounce as worries of a possible war in Iraq intensified. But Shanghai's gold prices have eased, with prices of 99.95 percent gold falling to 97.20 yuan per gramme on Tuesday, down from a record 98.26 yuan on Monday as domestic demand began to taper off. Shanghai's average price on Tuesday was equivalent to $365.20, lower than global spot prices (XAU=) of $368.00/8.50 in Asian trade as many processors had already bought enough gold to produce ornaments and jewellery for the New Year season. Some traders said the central bank used gold from its reserves to intervene. At the end of 2002, China's gold reserves were 19.29 million ounces (546.9 million grammes), up from 16.08 million ounces at the end of November. "The central bank has the right to intervene," an exchange official said, declining further comment. Traders said the central bank, the sole intermediary between gold buyers and sellers until the exchange opened in October, has maintained some control in hopes of keeping end-products affordable for consumers by controlling raw material prices. "If domestic prices rise way above global markets, the government is afraid that some companies might import illegally and refine it to standard gold to sell domestically," the second trader said. Gold smuggling is common in the country, especially in the south, as China's annual gold demand of 250-300 tonnes (8.8-10.6 million ounces) well exceeds the estimated 190 tonnes it was expected to produce last year, officials said last year. 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