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Gold ETF
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zhuge_liang
Supreme |
10-Feb-2007 23:20
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Gold hit a seven-month high on Friday, boosted by surging oil prices, fund buying and investors covering short positions ahead of a weekend meeting of world financial leaders. Gold Most-active gold for April delivery David Meger, metals analyst at Alaron Trading, said gold rallied because of fund buying and higher energy prices. "It's not surprising that when we get these breakouts from a technical perspective, you do see fund buying on those breakouts," Meger said. Numis Securities said in a research note that gold had been strongly correlated to the oil price since the beginning of this year, a trend it expected to continue unless the dollar moves significantly against other currencies. Oil breached the psychologically key mark of US$60 per barrel for the first time in more than a month, driven by tightening supplies and worries about rising U.S. tensions with Iran. Oil later pared gains and fell below US$60. U.S. crude futures settled higher at US$59.89 a barrel, well off its session high. Gold is seen as a hedge against oil-led inflation and often moves in the opposite direction to the dollar. But traders said the major influence on the market this week was technical trading. "Oil has helped the cause, but it has been trading between US$57 and US$60 for a while now; it's already in the gold price," said Simon Weeks, director of bullion trading at ScotiaMocatta. "Gold has been pushing higher this week ... Apart from fund interest, I've not seen much evidence of investment demand," Weeks said. The IMF could sell a limited amount of its gold reserves to increase its sources of income, Managing Director Rodrigo Rato said. But Rato said any sale should only be part of a wider solution to the global financial institution's revenues and should not disrupt the gold market. Bullion investors are watching the Group of Seven finance ministers' meeting starting on Friday because it could move the dollar, which would affect precious metals prices. St. Louis Federal Reserve Bank President William Poole on Friday said inflation looked set to moderate this year and he would press for policy action if it did not. Poole made plain he would back rate hikes to get inflation down, if needed. "If, however, core inflation seems to be settling at a rate above 2%, then such an outcome would be unacceptable to me. I put a very high weight on the Fed's responsibility to maintain low and stable inflation," he said. |
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zhuge_liang
Supreme |
01-Feb-2007 11:49
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Looks like gold prices could move up to US$670-US$680. |
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zhuge_liang
Supreme |
01-Feb-2007 10:49
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Gold in New York rose on speculation the dollar will weaken against the euro, boosting the appeal of the precious metal as an alternative investment. The dollar fell against the euro after a report showed manufacturing in the Chicago region contracted for the first time in almost four years. The National Association of Purchasing Management-Chicago said its business barometer fell to 48.8 this month from a revised 51.6 in December. A reading lower than 50 signals contraction. Gold futures for April delivery rose 1.2% to US$658 an ounce on the Comex division of the New York Mercantile Exchange. Before yesterday, gold had gained 14% in the past 12 months. Gold gained 23% last year, while the dollar lost 10% against the euro. Gold may also gain as central banks in Europe slow bullion sales, some analysts said. The European Central Bank said one member bank sold gold last week, and one member bank purchased gold. The net reduction in the ECB's gold reserves was 36 million euros. Under an accord known as the Washington Agreement, European central banks agreed to limit sales to 500 tons a year. The banks are falling behind schedule with weekly sales, said Dennis Gartman, trader, economist and editor of Suffolk, Virginia-based Gartman Letter. "Some enormous selling lies ahead, or, more plausibly, the banks have sold what they want and are reducing their efforts," Gartman said. "The latter is enormously positive for gold." The International Monetary Fund should sell some gold to cover losses, an advisory panel that includes former Federal Reserve Chairman Alan Greenspan and European Central Bank President Jean-Claude Trichet said today. IMF could sell 400 metric tons of gold, valued at about US$6.6 billion, and invest the proceeds in interest-bearing assets, the panel said in a report released today. Sales should be handled in a way that avoids "disturbances" in the gold market, a press release said. |
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zhuge_liang
Supreme |
31-Jan-2007 01:01
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A rise in oil prices helped lift gold on Tuesday, but dealers were cautious ahead of a Federal Reserve meeting that may determine the metal's price direction.Spot gold "The market now appears to wait for the outcome of the two-day FOMC meeting starting today. Crude oil remains the dominant fundamental driver for the time being," Dresdner Kleinwort said. Investors await the release of key U.S. economic data, including fourth-quarter GDP figures and the Fed's rate decision on Wednesday, the Personal Consumption Expenditure inflation index on Thursday and January employment data on Friday. "A low interest rate environment is very constructive for the market. So if the Fed is about to embark on rate cuts this year, that should be supportive for gold going forward," said Michael Lewis, head of commodities research at Deutsche Bank. "Gold held relatively well in the face of the decline in the euro/dollar. There are some short-term risks to the downside, but by the end of the year, we are looking for gold to be trading higher," he added. The dollar steadied before the meeting, the outcome of which investors will study for clues on whether the bank has become more optimistic on the economy after a raft of strong data. Dealers remained confident about gold's long-term prospects. "Despite a fairly neutral market balance, prospects for gold are buoyed by the combination of forecasts for dollar weakness and oil price strength," Barclays Capital said in a report. It said fabrication gold demand had been stabilising after last year's sharp fall because of volatile and high prices, while bullion supply was unlikely to see major changes. China, a major gold consumer, managed to maintain bullion consumption at around 240 tonnes last year as growing wealth offset higher prices, Albert Cheng, Far East managing director for the World Gold Council, said. |
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zhuge_liang
Supreme |
30-Jan-2007 00:52
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Gold steadied in late European trade on Monday after falling more than US$4 an ounce, as investors saw price declines as a good buying opportunity. "Gold is still trading in a broad range but overall, customers seem to be buying the dips. The market is more inclined to move on the upside than the downside at the moment," said a European metals analyst. "The market had been testing the downside and when some natural buying came into the market, that pushed up prices," he added. Spot gold Dealers said gold would remain confined in a broad range as investors awaited the outcome of a meeting of the Federal Reserve and U.S. economic data due for release this week. Investors are looking ahead to several U.S. economic indicators this week including core PCE inflation, advance fourth quarter growth and payrolls, as well as the Fed's rate-setting meeting ending on Wednesday. The bank is widely expected to keep rates unchanged at 5.25% but may signal the likely direction of future policy. Gold rallied to its highest since early August at US$654 on Thursday, mainly on technical buying, but the metal remained well below a 26-year high of US$730 hit last May. "Much depends now on whether the gold price is able to defend its recent gains. A quick backlash for the oil price might not be ignored this time and lead to a lower gold value as well," Germany's Heraeus said in a weekly report. Oil gave up early gains to fall towards US$55 a barrel and analysts cautioned price rallies would remain fragile. The dollar marginally fell against the euro. |
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zhuge_liang
Supreme |
25-Jan-2007 21:05
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Gold rallied on Thursday to a five-month high of US$651.80 an ounce as investors saw potential for it to scale new peaks on expectations of a weakening of the U.S. dollar. After several recent attempts, gold breached the US$650-an-ounce mark and analysts said a weaker dollar and firmer oil prices should help it to scale new highs going forward. "Overall, we still have got a macro-economic picture that is relatively supportive for gold investors," said Michael Widmer, metals analyst at Calyon Corporate and Investment Bank. "You generally expect the U.S. economy to slow down, a relatively healthy growth in the euro zone and a downward pressure on the dollar," he said. "In such an environment, people might start to adjust their portfolio to put a little bit more gold in it and reduce the risk of being too exposed to a downcycle." "A holistic picture of the market hints of a major rally in gold," Pradeep Unni, analyst at Dubai-based Vision Commodities Services, said. "This time the positive support comes from the crude oil prices, which have been consistently firming after cementing the bottom at US$50." Oil was 21 US cents up at US$55.58 a barrel by 1131 GMT. Gold is generally seen as a hedge against oil-led inflation. Strong metal prices have been prompting producers to take advantage of the situation, but some miners are struggling to maintain production and reserves targets. Australia's Newcrest Mining Ltd. cut its output and reserves forecasts for its flagship Telfer mine -- once Australia's largest gold mine in which Newcrest has spent more than A$1 billion for redevelopment. |
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elfinchilde
Elite |
25-Jan-2007 14:18
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your Genting-Ho refer to genting hotel or what? clarify.... eh. if i post out here it's not insider news anymore what. haha. hm, personal question. could we pls swop this over to the elfin qn thread? you reply there pls? let's leave gold to gold. what's a normal guy? and oh, curiosity can always be deflected. :P oh yah. jewelry. if you see a little spike in their profit charts, it's me. hahahaaaa! |
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YongJiu
Veteran |
25-Jan-2007 11:33
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Hi elf, just wonder do you have any insider new abt Singapore govt questions Genting-Ho casino deal? |
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YongJiu
Veteran |
25-Jan-2007 09:23
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Hey elf, I'm just being curious.... have you ever
dated any normal guy? |
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zhuge_liang
Supreme |
25-Jan-2007 01:08
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Gold moves in an opposite direction to US$. |
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elfinchilde
Elite |
25-Jan-2007 00:16
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nah, i believe we each hold our own future in our own hands. :) i haven't been telling much really. and yea, if i want to, i can track any one of you down. rest assured i won't do that tho. haha. hm. i don't think i've ever really known 'normal'. that's why i'm an elf. haha. but back to gold: its price rose today too. a bit odd when you consider that dow's shooting up tonight too. |
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YongJiu
Veteran |
24-Jan-2007 17:23
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of course I respect ya elf.... hehe sound like Sg future is in your hand ^_* just wonder is your family knowing what your are doing? do you live a normal life aft u been telling me all this? or will I be track down and silently removed ;) so sohguanh... dun ask too much if you still wanna play stock everyday!!! |
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elfinchilde
Elite |
24-Jan-2007 16:47
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no, not DSTA. what do they do anw. pls don't guess leh. for one thing i don't think you can get it unless you're one of my colleagues *haha*, or if you're that high up in the govt, for another even if you're right i'm not gonna say anyway. i still want to live, thank you. haha. |
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sohguanh
Veteran |
24-Jan-2007 16:35
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Military related jobscope izit? DSTA? Hahhahaha.... command and control system? ahhahahaha nothing new to me leh :P |
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elfinchilde
Elite |
24-Jan-2007 16:22
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yongjiu...early 'cos i gotta go to work. haha. my profession. hm. i have no official title or job description. guess you could say i'm a weapons and tactics specialist. i'm one of those kids hired by the s'pore govt to work unseen and deep in the corridors of power. elves get their own private rooms, free rein to scope any project, do anything etc. No budget limit, no authority to report to except the heads themselves. We're hired solely for our ability to predict the moves of others; to see patterns where no one else sees them, and to pre-empt. Only one aim: to outthink, outsmart and outmaneouvre foreigners. can't say any more, sorry. |
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YongJiu
Veteran |
24-Jan-2007 10:02
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Morning elf, you such an early person... or could it be the aroma bath effect? ^_* Yeah, I do agree with ya, as now is the time I would anticipate the "soft landing" in the optimistic view?. on the pessimistic side? all the recent high activity could cause big impact that throw all the peoples into hell. Btw what is your profession elf? if I may "ke-boh" bit |
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elfinchilde
Elite |
24-Jan-2007 07:07
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just a general observation here... gold is normally viewed as an alternative investment, your traditional 'safe haven'; so it is a very useful gauge of investor sentiment as well. If dow/nasdaq rises, but gold does as well, it is your signal that investors actually lack confidence in the rising US market, and have been shifting funds to the 'haven'. broader, sustained US market drop will have implications on singapore; longterm, i'd expect Asia to decouple from the US, perhaps one day we might even trade inversely, but not so soon. |
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YongJiu
Veteran |
24-Jan-2007 00:04
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CPF Board will include Gold Exchange Traded Funds (ETFs) as a new
product under the existing investment category of gold from 1 January
2007.
The Gold ETFs will be subject to the existing investment limit for gold of 10%. Product providers will need to apply to the Board for evaluation for inclusion under CPFIS. Hope gold ETC will be be included under CPFIS soon!!! |
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Nostradamus
Supreme |
10-Oct-2006 19:10
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All the info on Gold ETF can be found at http://www.sgx.com/psv/securities/etf/ETF_Gold.shtml. |
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YongJiu
Veteran |
10-Oct-2006 01:02
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Hi chipchip66, If I'm not wrong you can use CPF money to buy ETF. It trade like any other stock list in SGX, exclude annual coast, clearing fees, & GST. As pointed by Nos, this gold ETF it trades like shares, so you can only use CPF stock limit but not the gold limit. |
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