N e w s

This is the forecast published by the London consulting company Gold Fields Mineral Services, who is specializing in the investigation of the gold market. At the same time the experts of the company do not exclude the possibility of prices increasing up to $330-$300 for ounce.

According to the director of GFMS Philip Clupvick, the investors may break the balance in the market. In case of complication of the situation in the Near East or any great economic shock they will come to the gold market.

In the first six months of 2002 the volume of the world primary gold mining decreased by 5% to 1,216 thou tons - mainly due to the political situation in Indonesia. The producing of the secondary gold in the first half-year of 2002 increased by 13% to 410 tons as compared to the same period in 2001. The core part of the growth is owed to India and countries of Near East, and particularly Egypt.

In general, GMFS predicts that the world mining of primary gold in 2002 will be 2,514 thou tons (3% decrease as compared to the same period of 2001).

The total gold consuming in the first six months of 2002 diminished by 15% to 1,537 tons that is the lowest figure for the eight years period, due to first of all the jewellery sector (7%).