16:52  SashaSy: Twenty four hours is a long time in financial markets, never more so than for Bear Sterns which transitioned from troubled to bought out within the space of a day's trading. The move by the Fed - both in supporting Bear and in cutting the discount rate by 25bp, reducing the discount rate spread to the target rate to only a quarter of a percent - rattled rather than reassured financial markets to leave equities much weaker in Asian trading the dollar has slumped, EURUSD at a new high above 1.58 and USDJPY had its largest fall in eight years and is around 96.75 at the time of writing, some way above its worst level.

16:59  SashaSy: Dealers noted buying on dips from jewellers and investors in Indonesia, Thailand, Vietnam and also main consumer India, where the wedding season was progressing. Gold has gained more than 20 percent this year on speculative buying spurred by record high oil prices that raised fears of inflation, and expectations of further interest rate cuts in the United States, which reduced the dollar's appeal.

"The Tokyo stock exchange is not so good, and some people are selling gold to get cash to cover losses.
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U.S. mining group Newmont Mining Corp. said on Thursday that copper and gold output from its Indonesian unit may be lower this year because it is mining lower grade ores. PT Newmont Nusa Tenggara, which operates the Batu Hijau copper and gold mine in Sumbawa, eastern Indonesia, expects to produce 345-365 million pounds of copper ore this year, a fall of around 22 percent from 453 million pounds in 2007, Rubi Purnomo, the company's spokesman, said. The company expects to produce 330,000-365,000 ounces of gold ore this year, about 33 percent lower than 518,000 ounces in 2007, Rubi said. "We are mining in a different part of the pit that has lower grade ore than the ore we were mining in 2007," Rubi said. "It is part of the normal cycle in mining operations for the type of ore we have in Batu Hijau." But he said the company had just begun a large stripping campaign to get back to the higher grade ores in 2010. Newmont was in the spotlight recently after the Indonesian government threatened to terminate the unit's mining contract as it failed to sell shares quickly enough to local investors. Early this month, both the government and Newmont filed a case against each other in an arbitration court after talks between both parties on divestment collapsed. Under its contract, PT Newmont Nusa Tenggara, which operates the Batu Hijau copper and gold mine in Sumbawa, eastern Indonesia, must sell 51 percent of its shares to local investors. It h

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