Saturday, November 25, 2006

Gold Market News

COMEX Metal Futures on the CME Globex Platform

New York, N.Y., November 21, 2006 -- The New York Mercantile Exchange, Inc. announced today that it will expand COMEX metals electronic trading to include side by side trading, COMEX miNYs, Asian metals, and London metals futures contracts on the CME Globex® electronic trading platform beginning on December 3 for trade date December 4.

NYMEX will migrate the COMEX gold, silver, copper and aluminum futures contracts, which currently trade after hours on the NYMEX ACCESS® electronic trading system to CME Globex. These contracts will also be offered on CME Globex during open outcry hours, trading virtually 24 hours a day. -source

Related - * CME and C(BOT) to Merge

NCDEX opens futures contracts for gold and silver

MUMBAI: National Commodity & Derivatives Exchange Ltd (NCDEX) launched two new precious metal futures contracts on Tuesday aimed at retail investors, an exchange official said.

The new products, a 100-gram gold contract and a five-kg silver contract, join several heavier denomination contracts for the two metals on NCDEX. "This is aimed at retail investors, since every household in India feels the need to invest in precious metals," said, Narendra Gupta, chief of strategy.

Both products would have contracts for every month with the expiry set for the 20th of the delivery month. -source

IMF Should Sell Gold to Cover Looming Losses, Directors Say

By Christopher Swann

Nov. 22 (Bloomberg) -- The International Monetary Fund, the world's third-largest owner of gold, should sell some of its hoard to cover projected operating losses, say a growing number of the fund's executive directors.

The Washington-based lender predicts it will lose $87.5 million next year and $280 million in 2009. Some directors say the fund should sell a portion of its 103 million ounces of gold, valued at $64.7 billion, and invest the proceeds in interest- bearing assets.

``We would support the use of fund gold as part of the solution to IMF financial needs,'' Tuomas Saarenheimo of Finland, chairman of a group that coordinates the position of European Union members on the fund's 24-person board, said in an interview in Washington... -source

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