Gold and Silver news

Gold is currently trading higher then Friday high. Silver is also higher, making a multi year high again...

As I posted a several time in the past: each and every self respected exchange will soon offer gold and silver trading / saving instruments. Here are some of the important news which directly effect gold and silver:


Dubai commodity bourse to begin silver futures trading today
Dubai: The DGCX Silver Futures Contracts, to be launched today, will be a 1,000 troy ounce contract with maturities in March, July, September and December each year.
On maturity of a futures contract, the open position would be settled through delivery of 30 kg silver bars from 10 approved brands complying with Dubai Good Delivery standards. source


Taiwan gold futures end firmer on first day
TAIPEI (Reuters) - Taiwan's first gold futures contract closed firmer on the first day of trade on Monday, with investors watching to see if volumes would be high enough to attract continued interest.
The most active June contract closed at US$564.1 per ounce, off an intraday peak of $572.2, but up from an open of $550.0 an ounce on volume of 278 lots. source


It is extremely bullish when a multi bullion guaranteed free cash flow entity (like the CB of china) has a buying interest in your saving asset :

China should tap FX reserves to buy gold
BEIJING, March 27 (Reuters) - China should use part of its fast-growing foreign exchange reserves to buy gold as it seeks to adjust the asset mix to hedge against risk, a Bank of China official was quoted on Monday as saying.

Analysts say China has been gradually diversifying away from the dollar -- although fears of a collapse in the U.S. currency will prevent any dramatic shift. Chinese officials have denied reports they plan to sell current dollar assets in the reserves.

"China should appropriately reduce the proportion of dollars in its foreign exchange reserves while increasing the proportion of currencies such as the euro," the Financial News quoted Wang Yuanlong, a director at Bank of China's Australian operations, as saying.

"We can use part of the foreign exchange reserves to buy gold, which would help make the reserves more diversified and help guarantee and increase their value," said Wang, former economist at Bank of China, the country's largest foreign exchange bank.

China's foreign exchange reserves swelled 34 percent in 2005 to a record $818.9 billion, but the central bank has not disclosed the composition. source