By Summer Said
DUBAI (Reuters) - Dubai, already the region's gold trade hub, may see the launch of the Middle East's first gold exchange traded fund (ETF) in 2008, a senior World Gold Council (WGC) official said on Monday.
"Gold trade in Dubai and the region is definitely booming and the market players need an ETF market to manage their risk and catch up with other international markets," said Moaz Barakat, managing director of the WGC in the Middle East, Turkey and Pakistan.
"There is a great interest for ETFs in the region... We may have a Dubai ETF next year."
ETFs offer investors exposure in the underlying commodity without taking physical delivery. Sponsors of gold ETFs buy a matching amount of the commodity from the market to keep in vaults.
"It will be linked to a dollar-based gold price, but it has not been decided yet if it will be listed on the Dubai Gold and Commodities Exchange or the Dubai International Finance Exchange," he said.
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3 comments:
You MUST pay attention when something is so extremely volatile! Bush's people are on board this stock, if you follow the link on paragraph 4. Is the neocons responsible for this?
SWC is incredibly volatile! Hammered down half from the $16.47 high in just three months, Bottomed at the $8.03 on this Tudesday before the earnings conference call, immediately rallied HUGE next day to high of $11.04 and settle for a 20% gain at $10.40, flat on thursday, Rallied Friday moring to high of $10.84 and then plummeted to the low of $8.38!!! Such a stock with extremely narrow floats traded on huge volume and huge swings up and down. I bet you never saw anything like that!!!
It's a swing trader's PARADISE! I would guess most day traders would LOVE to see such volatility. Such huge daily swing creates huge profit potentials if you can do it right.
This is an incredible stock worth paying attention to. Spend your weekend study it. Maybe you can swing trade and get a quick 20% out of it in one day! And tell people about this interesting stock.
www.theslzgroup.com
They are making a huge fortune overthere in Gold in Dubai.
It wasn’t me. :)
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