Monday, May 22, 2006

Gold Market News

Do you feel the concentrated efforts to scare the market and calm down speculation in all markets by authorities and international banks?

To some degree Interests rates and short term liquidity can be controlled. however some of the market fundamentals can not be manipulated. Therefore it is still a good idea to look for trading and investment opportunities in all markets especially commodities with bullish fundamentals and favorable supply demand conditions.

Regarding Gold, here are some of the latest global gold market news from around the world:

RTS to launch gold, oil futures June 8

MOSCOW. May 22 (Interfax) - The Russian Trading System (RTS) will launch futures and options in gold and oil on June 8, the RTS said in a press release.

"We plan to launch oil and gold futures in June," Jacques Der Megreditchian, the RTS board chairman, told Interfax earlier. These will be the first in a series of planned commodity futures, he said. The RTS will base its settlement prices for oil futures on quotations from the Platts agency, he said.

Troika Dialog, an investment company where Der Megreditchian is managing director, said Troika Dialog would be the market-maker for the contracts. "We'll be acting as the market-maker and we'll be hedging in London and New York," he said.

The RTS also plans to trade futures in diesel fuel, aviation fuel and fuel oil. -InterFax

Indian first Gold Fund

Posted: Sun, 21 May 2006
[] -- DETAILS of India's gold-backed equity were released to the market after the scheme's backer, Benchmark Mutual, filed papers with the Securities and Exchange Board of India.

The scheme, which is effectively India's first exchange traded fund (ETF), said the scheme includied plans to impose levies on entry and exit from the ETF.
The Financial Express, a Mumbai newspaper, said the product would levy a 4% entry load and 3% exit load on the Gold Benchmark Exchange Traded Scheme (Gold BeES), as the product is called.

Gold BeEs is an open-ended scheme that will list on the National Stock Exchange (NSE). Like the exchange traded fund it will invest in physical gold, the Financial Express said.
"The scheme seeks to generate returns that closely correspond to the returns provided by the domestic price of gold. At least 90% of the corpus will be held in physical gold, while the rest can be deployed in bonds and money market securities," the newspaper said. Each unit of Gold BeES will have a face value of Rs 100. Minimum investment is Rs 10,000 and in multiples of Rs 1,000 thereafter, it said. - source

Saudi firm buys gold from African central bank

Mon May 22, 2006 12:24 PM GMT
RIYADH (Reuters) - A private Saudi jeweller has bought 36 tonnes of raw gold from an African central bank for 1.8 billion riyals, a company spokesman said on Monday, confirming a newspaper report.

When asked about the report in leading Saudi business daily al-Eqtisadiah, the spokesman said: "That is correct."
He declined to elaborate.

The newspaper quoted Suleiman al-Othaim, board chairman of the Riyadh-based al-Othaim Gold and Jewellery firm, as saying the gold would be delivered in the fourth quarter of this year.
"The deal was concluded directly (with the unidentified African central bank) without any intermediary," the newspaper quoted him as saying.
It did not say when the transaction took place. -source

See Uranium & Titanium Stocks: CCJ , TIE


BlueFlix said...

Gold fundamentals are there and getting stronger. But, in the intermediate term, gold may be correcting to its 200DMA.

Adam Hamilton's latest article shows that, in every Stage 2 gold rally, the price corrected back to the 200DMA.

The Elliot Wave charts (must sign in as forum member to view) posted by 2 members in this Aussie commodities forum also opine gold is going down for quite a while...

As an EW user, what's your reading of the charts?

real1 said...

I see a low 0f ~ 636$ and currently 652$ on spot gold. Gold is correcting the ~200$ move that started in early March and Ended at ~730 this is my latest wave count:

I expect volatility to stay relatively high (wide intraday range) but short term volatility might decline. Later on higher prices and higher volatility. Expect daily trading range of 50$ and higher.

I will post a new count ASAP.

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Да, усмехнулся молодой маг. Уже больше месяца. И научился за этот месяц большему, чем за всю предыдущую жизнь. Я даже сам перемещаться умею. Кто
возможность руками и ногами. По инфовидению вовсю шли рекламные ролики о самостоятельно растущих роскошных виллах, изменяющих форму и планировку по
контрразведчик. Вы не первые, кого мы пытаемся вытянуть. Помочь измениться и вырасти. В нескольких случаях мы совершили кардинальную ошибку. Какую?
улыбнулась Даша. Я ведь Целитель Душ, я не могла не помочь. У нее тряслись руки, в низу живота пылал огненный клубок, по позвоночнику скользили



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