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bsiong
Supreme |
04-Dec-2010 08:33
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 12/3/2010December 3, 2010At 4PM (CST) the APMEX precious metals prices were:
COMMENTARY: Multiple factors combine to increase the spot price of gold. It looks like the European Union may pass a measure regulating position limits which should increase the current demand for precious metals. In the United States, tax cuts look like they will be extended. This has driven up the price of many commodities including wheat, corn, oil, and soy. Diversification seems to be the word of the day. Buying silver is a popular way to hedge against other investments. Gold price is up $25.30 – Silver spot price is up $0.87 – Platinum price is up $16.90 – Palladium spot price is up $6.00 |
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enghou
Senior |
03-Dec-2010 21:55
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China Reveals A Secret 500% Increase In Gold Imports The Shanghai Gold Exchange revealed today it had imported nearly 500% more gold in the past ten months than it did in all of last year, according to Bloomberg. That's 209 tonnes of gold already, compared to 45 tonnes last year. Early this year, people speculated that China, which does not regularly reveal gold data, was a key force driving the market higher this year. It turns out they are. Chinese are buying gold as a check against rampant inflation. Moreover, it's a way to check inflation while keeping the yuan low and continuing the currency war. Meanwhile, gold is up to $1398.50 and approaching a new high. Wish everyone here a nice weekend |
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bsiong
Supreme |
03-Dec-2010 21:36
Yells: "The Greatest Wealth is Health" |
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LONDON, Dec 3 (Reuters) - Gold advanced on Friday to near its strongest in three weeks as a softer dollar and bargain hunting helped the metal to defy waning Europe debt concerns, while focus shifted to U.S. jobs data later. PRICES * Silver XAG= was at $28.78 from $28.51.* Gold support at $1,376 an ounce, resistance at $1,397 and 14-day RSI at 59.5.* Platinum support at $1,695 an ounce, resistance at $1,732 and 14-day RSI at 57.3.* Silver support at $28.10 an ounce, resistance at $29.15 |
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bsiong
Supreme |
03-Dec-2010 15:47
Yells: "The Greatest Wealth is Health" |
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Comex Gold ends slightly higher December 03, 2010 at 09:15 By Jim Wyckoff of Kitco News Comex gold futures prices ended slightly higher Thursday, as a weaker U.S. dollar index pushed prices within an eyelash of the $1,400.00 level before backing off on some late profit-taking pressure. February Comex gold last traded up $0.20 at $1,388.50 an ounce. Spot gold last traded up $0.90 at $1,388.00. The U.S. dollar index was under profit-taking selling pressure Thursday, after hitting a 2.5-month high earlier in the week. The Euro currency rallied on Thursday in the wake of a European Central Bank meeting, which in turn pressured the greenback. The ECB implied that it would extend its own quantitative easing program, by purchasing more EU bonds--much like the U.S. Federal Reserve announced a few weeks ago. However, many reckoned the ECB would take a more aggressive quantitative easing stance, and when it did not that was deemed Euro-currency-bullish. Sovereign debt problems in the European Union have been bullish for the gold market for most of 2010, and those EU problems are not likely to go away any time soon. Traders are awaiting Friday morning's U.S. employment report, which is expected to show a strengthening U.S. jobs sector. The key non-farm payrolls figure is expected to have risen by 144,000 in November. The London P.M. gold fixing was $1,389.00 versus the previous P.M. fixing of $1,385.50 an ounce. Technically, February gold futures closed nearer the session low Thursday after hitting a fresh three-week high early on. Prices came within an eyelash of hitting major psychological resistance at $1,400.00 an ounce, before backing off. The gold market bulls still have the solid near-term technical advantage. A four-month-old uptrend is in place on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above psychological resistance at $1,400.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,352.00. First resistance is seen at $1,400.00 and then at $1,410.00. Support is seen at Thursday's low of $1,385.10 and then at $1,380.00. Wyckoff's Market Rating: 8.0. March silver futures closed up 23.2 cents at $28.645 an ounce Thursday. Prices closed near mid-range and hit another fresh three-week high. The key "outside markets" were in a bullish posture for silver Thursday, as the U.S. dollar index was lower, while crude oil and the U.S. stock indexes were higher. The silver bulls have the solid near-term technical advantage. Silver prices are in a four-month-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $27.00. Bulls' next upside price objective is producing a close above solid technical resistance at the November contract and 30-year high of $29.405 an ounce. First resistance is seen at Thursday's high of $29.08 and then at $29.405. Next support is seen at Thursday's low of $28.33 and then at $28.00. Wyckoff's Market Rating: 8.5. March N.Y. copper closed up 260 points at 397.35 cents Thursday. Prices closed near mid-range today and hit a fresh three-week high. The key "outside markets" were in a bullish posture for copper Thursday, as the U.S. dollar index was lower, while crude oil and the U.S. stock indexes were higher. Copper bulls are gaining fresh upside technical momentum. A potentially bearish pennant pattern that had formed on the daily bar chart has been negated. Bulls' next upside objective is pushing and closing prices above solid technical resistance at the November high of 408.75 cents. The next downside price objective for the bears is closing prices below solid technical support at 380.00 cents. First resistance is seen at 400.00 and then at 405.00 cents. First support is seen at 395.00 cents and then at Thursday's low of 393.15 cents. Wyckoff's Market Rating: 8.0. By Jim Wyckoff of Kitco News; |
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bsiong
Supreme |
03-Dec-2010 15:44
Yells: "The Greatest Wealth is Health" |
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Russia on a gold buying spree December 03 2010 05:35 GMT MOSCOW (Commodity Online): After China and India, it is the turn of Russia to go on a gold buying spree. As gold prices climb and nations around the world try to amass gold to add weight to their foreign exchange reserves, the yellow metal is turning to be the hot asset for governments and investors. A new data from the World Gold Council (WGC) says that Russia has buying gold bullion in the last few months. India and several other countries have been on a gold buying task in the last few months. According to WGC, Russia has bought 65 tonnes of gold for its official foreign exchange reserves since July this year. Now holding 775 tonnes of Gold Bullion in total, Russia overtook Japan to reach 8th place in the league table of national gold holders. All told, central banks worldwide continued Buying Gold totalling 91.5 tonnes between July and November. Sovereign states turned net buyers in 2009, led Asian and other emerging-economy banks, after 20 years of net selling, then led by European banks reducing their reserves. "Interest in the metal is broad-based [but] the official sector continues to be an active buyer of gold," notes a new report from French bank BNP Paribas, setting a new price of target of $1500 per ounce for 2011. |
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bsiong
Supreme |
02-Dec-2010 23:26
Yells: "The Greatest Wealth is Health" |
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Gold to touch $1700-$2000: Nick Barisheff December 02 2010 12:00 GMT SHANGHAI (Commodity Online): Is the surge in gold price going to continue in the coming months? Gold, the hottest commodity that has been on a historic bull run in the last two years, has turned out to be the global investors’ first asset choice these days.While some bullion analysts are still skeptical about the continued bull run of the yellow metal, CEOs and managers of several bullion companies around the world are long-bullish on gold. One such top CEO is Nick Barisheff. Barisheff, president and CEO of Bullion Management Group Inc says that gold price will continue to hit new heights in the weeks and months to come as investors are confident to pour their money into the precious, yellow metal. The BMG CEO points out that physical bullion must be at the foundation of any intelligent investment portfolio, and predicts that if gold continues to perform as it has over the past 3 years then the gold price could rise to US$1,700-$2,000 per ounce in 2011. Speaking at the China Gold & Precious Metals Summit 2010 in Shanghai, Barisheff said that as risks to major currencies increase through competitive devaluation and quantitative easing programs in the West, high net worth investors should seek a safe haven for their assets consider the merits of unencumbered physical bullion with no financial intermediaries or counter-party risk. "With currencies being deliberately compromised worldwide, owning gold, silver, and platinum bars is like having a real fire extinguisher instead of a paper picture of a fire extinguisher," said Barisheff. "Many of today's bullion investments really are paper proxies rather than physical bullion,” he noted pointing out that the BMG BullionBars program provides clients with the opportunity to buy and hold physical bullion in Canada on an allocated and insured basis, with the option of on-demand delivery anywhere in the world." Barisheff also points to Canada's excellent financial fundamentals to justify storing bullion in that country. Canada enjoys the security of the World's soundest banking system, according to the World Economic Forum. According to the International Monetary Fund, Canada is also projected to have the fastest economic growth among G7 countries for 2011, as well as the lowest debt-to-GDP ratio in the G7. Toronto-based Bullion Management Group Inc. is one of the world's fast-growing precious metals bullion investment companies, with $CDN 460 million of bullion investments under management. BMG BullionFund is the world's first and only open-end Mutual Fund Trust that invests directly in equal dollar amounts of unencumbered fully allocated gold, silver and platinum bullion which also qualifies for all registered plans. |
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bsiong
Supreme |
02-Dec-2010 23:23
Yells: "The Greatest Wealth is Health" |
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Gold extends gains as safe haven status improves December 02, 2010 at 12:30SINGAPORE (Commodity Online) : Gold extended gains in Asian trade Thursday despite dollar gains as concerns regarding euro zone debt crisis heightened. Spot gold was seen trading at $1391.42 an ounce at 1.00 p.m Singapore time while Gold for February delivery climbed 0.3 percent to $1,391.90 an ounce on the Comex in New York. Analysyts said the precious yellow metal also took advantage of growing tensions in the Korean peninsula apart from euro crisis while China’s increase imports of the metal added to its appeal. China’s gold imports in the first 10 months of this year jumped to 209 tons compared with 45 tons in all of 2009, the Shanghai Gold Exchange said. Bullion has gained 27 percent this year, reaching a record $1,424.60 an ounce on Nov. 9. Meanwhile gold. Holdings reached a record 2,104.65 tons on Oct. 14. Silver holdings climbed to 14,851.49 tons from 14,780.04 tons, data shows. |
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bsiong
Supreme |
02-Dec-2010 23:20
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 12/2/2010December 2, 2010
COMMENTARY: The Shanghai Gold Exchange revealed that Chinese gold imports increased almost fivefold, when comparing the first ten months of this year to the last year. Imports gained 209 metric tons of gold in the first ten months, compared to 45 tons for all of 2009. Chinese officials commented that the rising concerns about inflation, increase the appeal of gold as a safe haven. Precious metal prices are mixed this morning as gold and silver are slightly down, while Platinum and Palladium continue to surge. Gold spot price was off $1.80 – Silver price off 26 cents – Platinum price is up -$21.50 – Palladium spot price is up $9.70 |
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bsiong
Supreme |
02-Dec-2010 16:55
Yells: "The Greatest Wealth is Health" |
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China gold imports hit 209 metric tons till Oct 2010 December 02 2010 07:20 GMTBEIJING (Commodity Online) : World’s largest gold producer China also witnessed a surge in its gold imports so far this year. According to Shanghai Gold Exchange, the dragon nation’s gold imports in the first ten months of this year surged to almost fivefold from the entire amount shipped in last year. China’s imports have gained to 209 metric tons compared with 45 tons for all of 2009, said SGE chairman Shen Xiangrong. Analyst also attributed the surge in imports to gold’s increased safe haven status in the country due to its fight against inflation. Bullion has gained 27 per cent this year and is set for a 10th annual gain as the dollar has declined and investors sought a store of value amid concern that the global economic recovery may falter. China has pledged to use price controls and may raise interest rates a second time this year to slow inflation that rose in October to a two-year high. Sales of gold products such as bars by China National Gold Group Corp., owner of the country's largest deposit of the metal, jumped as much as 40 per cent in the first half. |
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bsiong
Supreme |
02-Dec-2010 16:52
Yells: "The Greatest Wealth is Health" |
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Dollar, Gold directions crystal clear December 01 2010 16:55 GMTBy Nu Yu, Ph.D with Lorimer Wilson All is not necessarily as it seems when technical analysis is used to determine the anticipated direction of the U.S. Dollar Index, gold and the U.S. and Chinese stock markets. One sector is going up when all the talk is about its demise, another sector is muddling along when all the talk is about its dramatic future prospects and the other sectors have their share of surprises too. U.S. Dollar Direction: Rebound Continues As accurately predicted in our Nov.14th article the U.S. dollar had a magical bullish reversal in direction in early November when the anti-dollar crowd sentiment went too far towards the extreme when the Fed’s QE2 program was announced and then strengthened on euro zone debt jitters and Korean tension. The dollar’s change in direction caught our attention for a third straight week as it developed two major bullish patterns: 1) broadening descending right-triangle pattern, and 2) measured move up pattern. 1. Broadening Descending Right-Triangle Pattern (Bullish Reversal in Direction) Since the beginning of October the U.S. Dollar Index has formed a 6-week Broadening Descending Right-Triangle Pattern bounded by an upper horizontal line and a lower downtrend line as shown in the chart below. This pattern, a megaphone shape with starting narrow fluctuations and then widening out between diverging boundary lines, usually acts as a bullish direction reversal in a mature downtrend. The height of this pattern suggests that the USD Index has an upside target at 81 which it should reach soon. 2. Measured Move Up Pattern (Continuing Bullish Direction) For the last three weeks the U.S. Dollar Index has been developing a Measured Move Up Pattern that consists of three parts: 1) a reversal advance, 2) a pullback, and 3) a continuation advance as shown in the following chart. This chart pattern typically begins when prices bottom out after a downtrend. The initial reversal advance in direction acts as a lead-in move to form the first up-leg of the pattern. After a brief pullback in direction ends the second up-leg could be projected at the same angle and length as the first up-leg which gives the optimum price target and maximum anticipated time to reach the target. For the ongoing Measured Move Up Pattern of the dollar index, the current continuation direction advance of the USD Index should reach 82 by early December. Under pressure from dollar strengthening the direction of both gold and the stock markets has gone nowhere but sideways. However, with the Irish bailout deal and U.S. Navy joint exercise in the Yellow Sea with the South Koreans, we could well see some effect on the direction of the U.S. dollar, gold and the stock markets this week. Stock Market Direction: Going SidewaysThe Dow Jones Wilshire 5000 index, as an average or a benchmark of the total equity market, has been in a five-week horizontal channel with both the trend and momentum indicators showing negative weakness. The market's direction is currently is in the choppy zone of the horizontal channel. The Leading Wave Index (LWX) indicator, color coded in the price bars of the following daily chart of the Wilshire 5000 index, turned neutral last Friday going to 0.8 from -2.4 the previous Friday and suggests that the direction of the U.S. stock market is in a bearish time window that could last weeks until higher market volatility is released. Broad Market Volatility Direction: Below Panic Threshold Level The Broad Market Volatility (BIX), measured from over 8000 U.S. stocks, is plotted in the following chart as compared with the Wilshire 5000 index. It closed at 6 on Friday which is still well below the panic threshold level of 46 and indicates that the current market direction is bullish. A look at the direction of the major market indices against the 89-day exponential moving average (EMA89) shows that: a) The Dow Jones Wilshire 5000 index, as a benchmark of the total market, is up 3.82%, b) The Russell 2000 (small cap companies) index is leading the way up 6.92%, c) The S&P 400 (mid-cap companies) index is up 6.56% and d) The Nasdaq 100 (up 6.43%) all of which are outperforming the market's direction as a whole while e) The large-cap S&P 500 index is up only 2.91% and f) The Dow 30 index is up only 2.1%. g) Outperforming sectors are Internet (+12.32%), Semiconductors (+9.88%), and Energy (+6.97%). h) Underperforming sectors are Banks (-4.02%), Pharmaceuticals (-1.50%), and Financials (-0.93%). Courtesy: www.munKNEE.com |
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bsiong
Supreme |
02-Dec-2010 16:46
Yells: "The Greatest Wealth is Health" |
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Goldman Sachs forecasts gold price to peak at $1,750/oz Published on: December 02 2010 06:10 GMTBy Debbie Carlson OF Kitco News Gold will peak in 2012 as the U.S. economy picks up and real interest rates rise. The bank raised its 2011 growth forecast to 2.7% in 2011 and expects an above-trend U.S. growth of 3.6% in 2012. They are also forecasting 10-year nominal rates at 3.75% by the end of 2012. “We expect that the gold price cycle will turn similarly to that of late 1980, though we expect far less violently,” they said. |
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bsiong
Supreme |
02-Dec-2010 15:13
Yells: "The Greatest Wealth is Health" |
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Gold firms near highs, euro debt worries persist
* China Jan-Oct gold imports jump six-fold * Gold to target $1,403/z - technicals [ID:nL3E6N201H] * Coming Up: US Initial Claims Weekly; 1330 GMT
(Updates prices, adds Goldman Sachs' forecast) By Lewa Pardomuan SINGAPORE, Dec 2 (Reuters) - Gold firmed on Thursday,
within sight of its highest in nearly three weeks hit the
previous session, as worries about euro zone's fiscal crisis
lingered despite hopes the European Central Bank and the
United States would step in to help. The European Central Bank is under pressure to unveil new steps to stabilise the euro zone when it meets on Thursday as
the currency bloc battles a crippling debt crisis that has
stoked contagion fears in the United States and Asia. Spot gold added $3.90 to $1,391.25 an ounce by
0526 GMT after rising as high as $1,396.70 on Wednesday -- its
strongest since Nov. 12. Bullion was still below a lifetime
high around $1,424 struck in early November. Bullion got a bit of a boost from news that China's gold
imports jumped six-fold in January to October to more than 200
tonnes, although dealers said Thursday's gains were mostly
driven by investment demand. "I don't think you can solve this problem in a short
period of time. I think we are still worried about the
situation in Europe," said Dick Poon, manager at Heraeus in
Hong Kong. "Recently, we only see physical demand on the investment
side. Other than that, manufacturers are quite slow. This is
related to the high price. They take sometime off," said Poon,
referring to jewellery makers. U.S. gold futures for February rose $5.0 an ounce
to at $1,393.3 an ounce. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose to 1,293.891 tonnes
by Dec 1 from 1,286.603 tonnes on Nov 29. The holdings hit a
record at 1,320.436 tonnes on June 29. A bullish target at $1,403 per ounce for spot gold
is unchanged, as the current rise may extend its gain to the
100 percent Fibonacci projection level, according to Wang
Tao, who is a Reuters market analyst for commodities and
energy technicals.
U.S. investment bank Goldman Sachs Group Inc said
on Wednesday it expects gold prices to peak near $1,750 an
ounce in 2012 on rising U.S. interest rates, even as the
metal's rally is expected to continue in 2011 due to
quantitative easing. "I think a recovery in Europe will be very slow. Even
though Portugal said that it has no problem, people don't
believe that," said a dealer in Hong Kong. "The worry is psychological. The European Union has to
step in and give them the money," he added. measures to keep cash flowing in its financial system, though
it may disappoint investors by not being ready to increase
bond purchases just yet. A U.S. official told Reuters that Washington would be
ready to support the extension of the European Financial
Stability Facility via an extra commitment of money from the
International Monetary Fund. Silver tracked gold higher. Platinum rose to
its highest since Nov. 12, while palladium was at
3-week high. The world's largest silver-backed exchange-traded fund,
iShares Silver Trust , said its holdings rose to
10,782.69 tonnes by Dec. 1 from 10,711.23 tonnes by Nov. 26.
The holdings jumped to an all-time high of 10,893.68 tonnes on
Nov 23. The euro sat tight after surging higher the previous day,
as investors waited to see if European Central Bank policy
makers meeting later on Thursday would take any measures to
alleviate worries over euro zone debt. Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1391.25 3.90 +0.28 26.97 Spot Silver 28.54 0.10 +0.35 69.58 Spot Platinum 1696.99 14.25 +0.85 15.68 Spot Palladium 739.22 7.73 +1.06 82.30 Euro/Dollar 1.3100 Dollar/Yen 84.07 |
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bsiong
Supreme |
02-Dec-2010 09:10
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 12/1/2010December 1, 2010At 4PM (CT) the APMEX precious metal prices were:
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bsiong
Supreme |
02-Dec-2010 09:08
Yells: "The Greatest Wealth is Health" |
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Gold firms near highs; euro zone hopes may weighSINGAPORE, Dec 2 (Reuters) - Gold firmed on Thursday, within sight of its highest in nearly three weeks hit the previous day, but safe-haven flows into the metal could be capped by hopes the European Central Bank and the United States would step in to support debt-burdened euro-zone countries. FUNDAMENTALS * Spot gold added 80 cents to $1,388.15 an ounce by 0036 GMT after rising as high as $1,396.70 on Wednesday -- its strongest since Nov. 12. Bullion was still below a lifetime high around $1,424 struck in early November. * U.S. gold futures for February rose $1.4 an ounce to at $1,389.7 an ounce. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose to 1,293.891 tonnes by Dec 1 from 1,286.603 tonnes on Nov 29. The holdings hit a record at 1,320.436 tonnes on June 29. * The world's largest silver-backed exchange-traded fund, iShares Silver Trust , said its holdings rose to 10,782.69 tonnes by Dec 1 from 10,711.23 tonnes by Nov 26. The holdings jumped to an all-time high of 10,893.68 tonnes on Nov 23. * The ECB is under pressure to unveil new steps to stabilize the euro zone when it meets on Thursday as the currency bloc battles a crippling debt crisis that has stoked contagion fears in the United States and Asia. [ID:nLDE6B00QU] * A U.S. official also told Reuters that Washington would support boosting an EU rescue facility via IMF funds, news that bolstered the euro currency.MARKET NEWS* The euro held on to overnight gains early in Asia on Thursday, having posted its biggest one-day rise in six weeks in a dramatic turnaround as the market cut short positions ahead of the European Central Bank policy meeting.* Japan's Nikkei share average rose 2 percent to a fresh five-month high on Thursday, after Wall Street gained the most in three months on talk of bold steps to resolve the |
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bsiong
Supreme |
02-Dec-2010 00:27
Yells: "The Greatest Wealth is Health" |
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LONDON, Dec 1 (Reuters) - Gold firmed to its highest in nearly three weeks on Wednesday as growing fears about Portugal's debt pummeled the euro, sending bullion priced in the single currency to a record high.MARKET NEWS* The euro inched up on Wednesday after a drubbing the previous day but remained near 11-week lows against the dollar in a market waiting to see what European policymakers will do next to contain worries about euro zone debt. [USD/]* Oil rose on Wednesday on data showing factories in China revved up output in November, while Europe's debt problems and signs of rising U.S. fuel inventories capped gains. [O/R]* European shares were set to rise on Wednesday, boosted by upbeat Chinese factory production data, though gains were expected to be kept in check by lingering concerns over the euro zone debt crisis.FUNDAMENTALS |
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bsiong
Supreme |
02-Dec-2010 00:22
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 12/01/2010December 1, 2010At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Gold has sprung to a two week high and many analyst feel these gains are sustainable. The safe-haven demand continues in Europe and through out much of the Western world. The demand in Asia, particularly India and China, continues to be stronger than forecasted. World stock and precious metal markets are up in early trading, as there are signs of robust economic growth in China, recovery in parts of Europe and a relatively successful Portuguese debt sale. The Euro is has also moved up, which has driven the US Dollar down. Gold spot price is up $4.10 – Silver price is up another 27 cents – Platinum spot price is up $10.90 – Palladium price up $8.30 |
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bsiong
Supreme |
01-Dec-2010 21:56
Yells: "The Greatest Wealth is Health" |
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Gold ETFs boom in India Published on: December 01 2010 12:50 GMT MUMBAI (Commodity Online): Owning gold as jewellery and trading the yellow metal in futures market is an investing passion for hundreds of thousands of Indians these days. And Indian investors are these days turning their investment appetite to a new area: Gold Exchange Traded Funds (ETFs). ETFs are relatively new in India. And gold is the only commodity that has an exchange traded fund in the country. Gold ETFs are booming these days thanks to the surge in the yellow metal prices brought about by the commodities super cycle boom that is on worldwide. The European debt worries and war tensions between South and North Korea have put global equity markets on tenterhooks. India’s equity and commodities markets have also been hit by these recent global events. While India’s stock index fellow by more than 5 per cent, Gold ETFs have been steadily growing to be stable investments for Indians. In the last two months, the eight Indian Gold ETFs have performed better than stocks. Experts say Gold ETFs in the country have gained nearly 20 per cent in the last two months. “People in India who have been buying physical gold all these years are turning their attention to Gold ETFs. Gold ETFs are good performers these days and more and more Indians are putting their money into these exchange traded funds,” Arindam Gupta, a bullion analyst based in Mumbai said. According to Prithviraj Kothari, Managing Director, Riddisiddhi Bullions Ltd (RSBL), Gold ETFs are doing extremely well in India. “At present, only gold ETFs are offered for Indian investors, but that also has seen phenomenal growth during past few months. Volumes in gold ETFs are posting over 100% growth for past several months. This shows that awareness about retail investment products like ETFs is gaining momentum and we can expect further growth in it,” Kothari told Commodity Online. Spurred by the boom in gold prices led by the commodities rally, several Indian companies and mutual funds are chalking out plans to launch new Gold ETFs. Recently, India’s HDFC Bank Mutual Fund launched a Gold ETF scheme. Another competitor, ICICI Prudential, is planning to come out with a Gold ETF soon. At present, India has eight Gold ETFs listed on the exchanges. Together, they have a collection of 11 tonnes, nearly doubl compared to last year. Mumbai-based Benchmark Mutual Fund was the first to start a gold ETF in 2007 and has the largest collection of more than five tonnes. The company says the investment objective of Gold Benchmark Exchange Traded Scheme (Gold BeES) is to provide returns that, before expenses, closely correspond to the returns provided by domestic price of gold through physical gold. The Gold ETFs are listed on National Stock Exchange and Bombay Stock Exchange in India and most of them have a share size of 1 gram. Experts say though India is the largest consumer and importer of gold in the world, the country’s Gold ETF collection is very small compared to other countries. But with the Gold ETF investments growing 100% year-on-year, the Indian ETF market for the yellow metal is continuing to grow phenomenally in the coming years. |
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bsiong
Supreme |
01-Dec-2010 18:59
Yells: "The Greatest Wealth is Health" |
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BNP Paribas looks for gold to average $1,500 in 2011 Published on: December 01 2010By Allen Sykora of Kitco News (Kitco News) - BNP Paribas has raised its average 2011 gold-price forecast to $1,500 an ounce and looks for the metal to average $1,600 in 2012, the bank said in a research report issued Tuesday. Gold hit a record $1,424 an ounce on Nov. 9 before retrenching and is now rising again. “Interest in the metal is broad-based,” BNP Paribas said. The bank cited safe-haven flows prompted by euro-zone debt worries and also noted the official sector “continues to be an active buyer of gold.” Meanwhile, the jewelry sector entered its seasonally strong quarter in October. Furthermore, economic growth, particularly in emerging markets, is supportive of industrial demand for gold, said BNP Paribas. “Despite the recent price correction, market sentiment remains positive for gold over a two-year horizon,” BNP said. “A number of factors are supportive of an upward trend in price, including increasing uncertainty regarding the role of the USD (U.S. dollar) within the international monetary system, concerns related to the stability of peripheral euro-zone countries and growing inflationary pressures in Asian emerging markets, particularly China.” BNP Paribas listed a number of factors creating a “favorable” environment for gold, starting with increased liquidity. Early this month, the Federal Reserve announced a second round of quantitative easing, in which the central bank will buy Treasury securities in a bid to push down long-term interest rates. This came against a backdrop of “already loose global monetary policy,” BNP said. The bank cited a generally weaker dollar trend (despite recent greenback gains against the euro), as well as rising inflationary expectations as positive factors for gold. “Lifting inflation expectations is one of the main objectives of the Federal Reserve,” BNP Paribas said. “This is because the Fed appears uncomfortable with declining price pressures in the U.S. economy once energy and food prices are removed.” BNP also pointed to some “uncertainty” surrounding the international monetary system due to pronounced swings in the value of the dollar, which has been the system’s cornerstone since World War II. “Episodes of broad-based depreciation of the USD, the global reserve currency, are making investors and foreign governments alike nervous,” BNP said. “Their concerns have been heightened as a large U.S. fiscal deficit and debt position have come to be accompanied by very loose monetary policy and the adoption of unconventional measures in the form of quantitative easing to tackle domestic issues of high unemployment and low price pressures.” Thus, the role of the dollar as a reserve currency has been increasingly questioned, although for now, there does not appear to be another readily available fiat currency as a substitute, BNP said. “While gold’s attributes make it an attractive alternative, the current size of the market and the growth rate of supply may prove to be a limiting factor to a return to a full gold standard,” BNP said. “So while central-bank buying interest in gold is likely to continue, purchases will likely be confined to maintaining a share of gold in countries’ reserves, the size of the gold market being too small for a full conversion.” By Allen Sykora of Kitco News |
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bsiong
Supreme |
01-Dec-2010 18:53
Yells: "The Greatest Wealth is Health" |
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Watch how Gold is becoming priceless |
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bsiong
Supreme |
01-Dec-2010 18:52
Yells: "The Greatest Wealth is Health" |
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Gold moving inversely to the dollar? Not any more |
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