Welcome to the weak dollar policy

Section:

http://biz.yahoo.com/rf/031008/energy_russia_euro_3.html

YEKATERINBURG, Russia, Oct. 8 (Reuters) -- A German
government source said on Wednesday that Russia may
switch to pricing oil sales in euros rather than dollars,
potentially huge news for financial markets.

However, Russian energy and finance ministry officials
said they were unable to confirm any change was planned.

"The question is taking on increasing significance," said
a government official travelling with German Chancellor
Gerhard Schroeder on an official visit to Russia, referring
to the possibility of a switch in the traditional energy
currency.

Any such change would be a major shift in the balance
of currencies behind the world's most traded commodity
and the success of a long campaign by Europe to get
oil priced in euros.

It could deal a blow to U.S. economic prestige, as well
as the strength of the dollar on foreign exchange markets.

Russia is the second biggest oil exporter behind Saudi
Arabia with the world's largest natural gas reserves.

Schroeder meets Russian President Vladimir Putin later
on Wednesday and they hold a news conference on
Thursday morning.

European leaders have long sought to promote the
common currency and boost price stability in the
European Union by getting energy contracts priced in
euros as well as dollars.

Most energy contracts are settled in dollars, meaning
that for European buyers, trade in gas and oil is
subject to fluctuations in the U.S. currency as well as
in their market prices.

Officials in Moscow said that they had no knowledge
that anything was going on behind the scenes.

"We cannot confirm this information. No talks are
taking place on the issue. The ministry draws up
export timetables, but does not deal with financial
issues on oil supplies," a source at the Russian
Energy Ministry told Reuters.

A Finance Ministry source also said he was unaware
of any preparations for a switch.

"We have not heard anything of the sort. All information
(about prices) we get is in dollars and roubles ... and we
do not see any tools to force companies to use the euro,"
he said.

LUKOIL, Russia's second biggest oil company, said that

it was continuing to work in the U.S. currency.

"LUKOIL draws up its accounts based on the dollar. The
company has not yet reviewed its position to change its
functional currency to prepare reports," said head of
investor relations Gennady Krasovsky.

A source in a large Western trading company was
downright dismissive of the talk.

"This is a complete nonsense. The market has been
trading in dollars for dozens of years. Until companies
which buy oil do not want to do this, the Russian
Federation will not be able to do anything," he said.

----------------------------------------------------

To subscribe to GATA's dispatches, send an e-mail to:

gata-subscribe@yahoogroups.com

To unsubscribe, send an e-mail to:

gata-unsubscribe@yahoogroups.com

----------------------------------------------------

RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS

Free sites:

http://www.jsmineset.com

http://www.cbs.marketwatch.com

http://www.mineweb.com/

http://www.gold-eagle.com/

http://www.kitco.com/

http://www.usagold.com/

http://www.GoldSeek.com/

http://www.capitalupdates.com/

http://www.goldenbar.com/

http://www.silver-investor.com

http://www.thebulliondesk.com/

http://www.sharelynx.net

http://www.mininglife.com/

http://www.financialsense.com

http://www.goldensextant.com

http://www.goldismoney.info/index.html

http://www.howestreet.com

http://www.depression2.tv

http://www.moneyfiles.org/

http://www.howestreet.com

http://www.minersmanual.com/minernews.html

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html

http://www.goldcolony.com

http://www.mineralstox.com

Subscription site:

http://www.lemetropolecafe.com/

http://www.hsletter.com

Eagle Ranch discussion site:

http://os2eagle.net/checksum.htm

----------------------------------------------------

COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS

Centennial Precious Metals
3033 East 1st Ave.
Suite 403
Denver, Colorado 80206
www.USAGold.com
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
cpm@usagold.com

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net

Investment Rarities Inc.
7850 Metro Parkwa
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com

Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.buycoin.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
figoldstein@buycoin.com

----------------------------------------------------

HOW TO HELP GATA

If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.

By check:

Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA

By credit card (MasterCard, Visa, and
Discover) over the Internet:

http://www.gata.org/creditcard.html

By GoldMoney:

http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L

Donors of $750 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled "GATA."

GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.