Switzerland gold sell ?!

The sell if they will isn't as meaningful as the reporter wants you to believe. Consider that the outstanding notional amount of gold over the counter derivatives is 463 billion USD , reported by the BIS December 2006.

Switzerland's central bank is to sell a further 250 tonnes of gold, dashing hopes for a revival in depressed bullion prices after months of heavy selling by Spain and Belgium.

The Swiss National Bank is world's fourth biggest holder of gold after the European Central Bank system, the United States, and the IMF. Most analysts thought it had stopped selling its horde after a 1,300 tonne "purge" between 2000 and 2004,

The SNB said yesterday it would feed a fifth of its remaining gold onto the market gradually between now and September 2009 as part of a rejigging strategy for its reserves.

source


COMEX gold contract for December 2009 is currently priced at about 750$

COMEX GOLD (GCM7)

Dear readers,

Just a quick chart update, this time for the COMEX Gold active contract (GCM7). COMEX is where the big guys like to hang out.

Platinum ETF might be issued in Switzerland

Daily chart - COMEX June Gold 100 OZ Contract (GCM7)

Silver , China and Swiss.

As the GGG&SBM advancing and gold and silver are loosing some of their "bad" investment stigma expect more and more precious metals investment vehicles as well as broader public participation. It will not be long before each and every exchange will offer gold traded funds. Today the Swiss Exchange is lunching a physical gold ETF under the symbol ZGLD. (source).

Meanwhile on the silver front :
Shanghai Gold Exchange is preparing to start silver trade, which will set the benchmark for Chinese prices, industry sources said on Friday. The new product could increase China's investment demand for silver and reduce its exports, they said. China exports about two-thirds of its silver production.



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I have annotated a daily chart of spot silver with Elliot wave count and trend lines, click on the chart below to enlarge: