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.
source
Tuesday, July 31, 2007
Tuesday, July 24, 2007
GCQ7 Update
Dear readers,
This will probably be the last GCQ7 chart as gold futures contracts are rolled into December and October (GCV7, GCZ7).
Hype is all over the place so sentiment indicator probably supports the case for some correction here, As previously mentioned USD is trying to bounce.
August Gold - GCQ7 Intraday (120 min) Chart
This will probably be the last GCQ7 chart as gold futures contracts are rolled into December and October (GCV7, GCZ7).
Hype is all over the place so sentiment indicator probably supports the case for some correction here, As previously mentioned USD is trying to bounce.
August Gold - GCQ7 Intraday (120 min) Chart
Sunday, July 22, 2007
Gold, USD & Forex Update
Dear readers,
The USD is looking oversold here and some bounce might be expected. If you add a channel the way I did, you can see that the USD index is at the bottom of the channel. In addition, the USD just tested the psychological important 80 level – this level was rarely violated, ever.
USD Index Daily Chart (note the deep oversold condition of RSI 14)
Try to avoid shorting the Yen as the crowed count this currency as a weak one. The interest rate on the yen is low and might continue to stay low for some time but the Japanese economy is not a weak economy in my book, not at all.
Particular vulnerable is the EURJPY pair which had already completed or might be very near to complete a seven years rally. A large correction is expected here – take note!
EURJPY Weekly Chart , Elliott wave count. (click to enlarge)
Gold and silver had a nice rally (as expected) but some significant resistance seen for both. on the other hand gold in terms of Yen and Euro made some advance so the move was not all USD related. If the USD will start strengthening as it might gold can correct some of its recent 47$ rally. Corrections should be seen as a buying opportunity and the June low should hold.
Spot Gold weekly chart annotated with Fibonacci levels. (click to enlarge)
The USD is looking oversold here and some bounce might be expected. If you add a channel the way I did, you can see that the USD index is at the bottom of the channel. In addition, the USD just tested the psychological important 80 level – this level was rarely violated, ever.
USD Index Daily Chart (note the deep oversold condition of RSI 14)
Try to avoid shorting the Yen as the crowed count this currency as a weak one. The interest rate on the yen is low and might continue to stay low for some time but the Japanese economy is not a weak economy in my book, not at all.
Particular vulnerable is the EURJPY pair which had already completed or might be very near to complete a seven years rally. A large correction is expected here – take note!
EURJPY Weekly Chart , Elliott wave count. (click to enlarge)
Gold and silver had a nice rally (as expected) but some significant resistance seen for both. on the other hand gold in terms of Yen and Euro made some advance so the move was not all USD related. If the USD will start strengthening as it might gold can correct some of its recent 47$ rally. Corrections should be seen as a buying opportunity and the June low should hold.
Spot Gold weekly chart annotated with Fibonacci levels. (click to enlarge)
Tuesday, July 17, 2007
Gold and Silver Charts
Dear readers,
Yet again, minor consolidation might be over; gold and silver should be ready to move higher. Just my opinion, only the time will tell.
(SIU7) COMEX September Silver Intraday Chart (2 hours sticks)
(ZGQ7) CBOT August Gold Intraday Chart (2 hours sticks)
Yet again, minor consolidation might be over; gold and silver should be ready to move higher. Just my opinion, only the time will tell.
(SIU7) COMEX September Silver Intraday Chart (2 hours sticks)
(ZGQ7) CBOT August Gold Intraday Chart (2 hours sticks)
Gold Market News
First Japanese gold ETF due to launch Aug. 10
source
As well as Small-Lot Gold Futures Trading on TOCOM(100 grams per lot , margin = 12,000 Yen)
source
Korea : The government plans to establish an exchange for gold as early as next year.
By Lee Hyo-sik
Staff Reporter
"The government plans to establish an exchange for gold as early as next year to make gold transactions more transparent and discourage the smuggling of the precious metal.
According to the Ministry of Finance and Economy, the government will set up an exchange, an organization to manage and supervise gold distribution, next year to stem any illegal transactions and distribution of gold.
It will expand the exchange into a comprehensive commodity exchange, like New York Mercantile Exchange (NYMEX), to deal with not only gold, but diamond, crude oil and other commodities as well.
The exchange will operate separately from the Korea Exchange (KRX) on which stocks, bonds and derivatives are traded, the ministry said."
source
source
As well as Small-Lot Gold Futures Trading on TOCOM(100 grams per lot , margin = 12,000 Yen)
source
Korea : The government plans to establish an exchange for gold as early as next year.
By Lee Hyo-sik
Staff Reporter
"The government plans to establish an exchange for gold as early as next year to make gold transactions more transparent and discourage the smuggling of the precious metal.
According to the Ministry of Finance and Economy, the government will set up an exchange, an organization to manage and supervise gold distribution, next year to stem any illegal transactions and distribution of gold.
It will expand the exchange into a comprehensive commodity exchange, like New York Mercantile Exchange (NYMEX), to deal with not only gold, but diamond, crude oil and other commodities as well.
The exchange will operate separately from the Korea Exchange (KRX) on which stocks, bonds and derivatives are traded, the ministry said."
source
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