Results tagged “gold bars” from Capital Gold Group, Inc.
07.24.08, 10:31 PM ET
SINGAPORE (Reuters)
"A Reuters poll showed average gold prices will rise more than 30 percent this year and hold onto gains in 2009, as safe-haven buying fueled by ongoing financial risks will boost investor interest."
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| WORST PERFORMING STOCKS OF THE LAST DECADE | |||||||
| 6/30/98 - 6/30/08 | |||||||
| Name | Symbol | 10 Year Return | |||||
| Fannie Mae | FNM | -68% | |||||
| KeyCorp | KEY | -69% | |||||
| Gannett Co. | GCI | -70% | |||||
| Interpublic Group | IPG | -72% | |||||
| Dillard’s, Inc. | DDS | -72% | |||||
| Goodyear Tire & Rubber | GY | -72% | |||||
| Tenet Healthcare | THC | -73% | |||||
| Xerox Corporation | XRX | -73% | |||||
| Wachovia Corporation | WB | -73% | |||||
| Fifth Third Bancorp | FITB | -76% | |||||
| First Horizon (Bank) | FHN | -76% | |||||
| Huntington Bancshares Inc. | HBAN | -77% | |||||
| Qwest Communications, Int’l. | Q | -77% | |||||
| General Motors | GM | -79% | |||||
| Eastman Kodak | EK | -80% | |||||
| JDS Uniphase | JDSU | -82% | |||||
| Washington Mutual | WM | -83% | |||||
| Ford Motor Company | F | -85% | |||||
| Unisys Corporation | UIS | -86% | |||||
| National City Corporation | NCC | -87% | |||||
| Tellabs, Inc. | TLAB | -87% | |||||
| MGIC Investment Corp. | MGIC | -89% | |||||
| Ciena Corporation | CIEN | -90% | |||||
| MBIA Inc. | MBIA | -91% | |||||
| Ambac Financial | ABK | -97% | |||||
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Thursday July 24 2008 15:32 IST
"There is a huge demand... in the last couple of days alone 10 tonnes may have been sold all over
Foreign gold, that guides the local market, rebounded from a two-week low on bargain hunting as crude oil stabilized after steep drops from its all-time highs this month.
Gold generally tracks crude oil as the latter signals inflation, while the metal negates it.
Investors, women and jewellers were thronging Zaveri Bazaar to buy gold, said Jitendra Kantilal of Jugraj Kantilal & Co, a prominent trader in Mumbai's Zaveri Bazaar.
"They are buying coins and bars... mostly 100 gram bars for investment," said Kantilal.
But consumers haven't given up hopes of more dips, said D.P. Naresh, a wholesaler in
"There is a lot of appetite for prices at lower levels," said Naresh. "At $915 an ounce, there would be huge interest."
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Commentary: ETF's add to global gold demand and allow investors to
participate in the commodities market, but do not provide the safety and
preservation of physical gold assets, nor do they add the additional
portfolio diversification of a hard asset allocation in physical gold.
The Hong Kong Securities and Futures Commission has approved the city`s first gold ETF
The Hong Kong Securities and Futures Commission has approved the city`s first gold exchange-traded fund to meet investors` demand after bullion prices climbed.
State Street Global Advisors, the money-management unit of the world`s second-largest manager of exchange-traded funds, and the World Gold Council will give details on July 24, according to a media invitation sent by Hill & Knowlton Asia Ltd.
Hong Kong wants to bolster its position as an Asian financial center as rivals Tokyo and Singapore offer commodities trading. Gold for immediate delivery has jumped 39% in the past 12 months as investors seek an inflation hedge and alternative assets as global equities declined.
"Gold-related investment products are expected to be well received when inflation remains high as investors are seeking ways to preserve their wealth," Kenny Tang, associate director at Tung Tai Securities, said in Hong Kong. "An ETF makes investment in gold easier and more accessible for public investors. What they need is only a stock-trading account."
The listing in Hong Kong comes after a similar fund started trading in Japan this year and in Singapore in 2006. Hong Kong is also planning to start a commodities exchange in the first quarter of 2009 and will offer dollar-denominated fuel oil contracts for delivery into China.
"We have seen growing investor interest in the commodities market and have been working with industry participants to enable the introduction of different commodities products," the regulator said on July 24 in a statement on its Web site.
The SPDR Gold Trust was approved on July 21, the regulator said. It didn`t say when the fund will start trading.
Hong Kong Exchanges & Clearing Ltd., the operator of Asia`s third-largest stock market, is trying to reduce its reliance on stocks by venturing into commodities. The bourse will start trading gold futures in October.
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Shanghai Gold Exchange Approves Membership of ANZ Bank
By Ginger Ding
26 Jun 2008 at 08:42 AM GMT-04:00
SHANGHAI (Interfax-China) -- ANZ Bank is to become one of only four foreign banks permitted to trade gold on the Shanghai Gold Exchange (SGE), after becoming an SGE member, ANZ announced Tuesday.
Alistair Bulloch, ANZ chief executive officer of North East Asia, said in the announcement that the SGE membership would help to position ANZ in both the commodity and financial markets of the Chinese economy.
"The gold trading approval strategically enhances ANZ's client servicing capacity and core bank status. This approval is a further step in ANZ's plan to become a leading foreign bank in China," Bulloch said.
According to ANZ's announcement, the SGE will only grant a total of five foreign banks membership at this stage. However, when reached by Interfax, Tong Gang, an official with SGE's press department, said there is no limit to the number of foreign banks that can be granted membership to the SGE, and that China will gradually open up its gold market.
HSBC Bank (China) Co. Ltd. (HSBC), Standard Chartered Bank (China) Ltd. and the Bank of Nova Scotia (Guangzhou Branch) became SGE members in February. They were able to trade gold on the SGE from June 5, 2008.
Aside from the above three banks, preliminary approvals to apply for SGE membership were granted to UBS AG and Societe Generale by the People's Bank of China (PBOC) last June. However, Tong told Interfax that neither UBS AG nor Societe Generale have applied for SGE membership yet.
ANZ is the only Australasian-based bank with both local and foreign currency commercial banking capabilities in China. It has fully-licensed foreign bank branches in Shanghai and Beijing.
In addition to its own branches, ANZ has a 19.9% stake in the Shanghai Rural Commercial Bank and a 20% stake in the Bank of Tianjin.
The SGE is the sole spot gold trading bourse in China. The most-traded AuT+D contracts on the SGE closed at RMB 195.82 ($28.51) per gram Tuesday, RMB 3.68 ($0.54) lower than the previous trading day.
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