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Posts posted by MattFC
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Guess Casimir means money held in £,$, euro, CAD$ savings with them.
Casimir - give GM a ring/email to see maybe - let us know what they say.
Just to note, GM segregated accounts (for GBP in any event) are held with RBS International. I am pretty sure you don't have the 50k FSA (UK) backing
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this is where you thank the paper market for a physical market buying opportunity! That said.. Goldmoney never seems to reflect the price on fast movements still showing $836
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5% is 2.5 times more than 2%, but 4.5% is 3 times more than 1.5%. What is counterintuitive about the GBP being improved relative to the dollar by this move?
I stand corrected.. had just seen the newsflash which didn't initially mention the co-ordinated element.. hanace thought it was UK only
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So a rate cut causes POG to drop by $20??
man, this is just wierd.
recovering very fast.. back to 905
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inflationary pressures have started to moderate.
GBP up against USD also.. this is counter intuative
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double-agent posted this in the last page.
One of the contributors to this thread said yesterday he had to queue at ATS (not out on the street though, I hope . I guess it's a little more discreet next to the Savoy).
Too late to queue now.. they only have a single 1oz Gold Philamonika as of 13:30 today (for £560).. no others products either like bullion bars
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Dubai gold refiner seeking role as a 'mini-bullion bank'
Source: BI-ME and Reuters , Author: BI-ME staff
Posted: 29-09-2008 Back Email Print RSS Feeds
UAE. Al Ghurair Giga Gold, one of two major refiners in the fast-growing Dubai gold market, has begun building a trading team to help it become a “mini-bullion bank” as soon as next year, a top executive said yesterday.
The refinery, launched in 2004 as a venture between the prominent Al Ghurair family and Pakistan conglomerate Giga Group, is also embarking on a search for mined gold supply in West Africa, balancing out its heavy reliance on recycled gold in Dubai, General Manager Corey Keller said in an interview for Reuters.
Al Ghurair Giga has already started putting together its trading team internally and hopes to be offering brokerage services by the end of next year, he said. “We’re building a mini-bullion bank within our facility,” Keller, who joined the company in January, said on the sidelines of the London Bullion Market Association’s annual conference. “We want to generate more income beyond pure refining.”
He declined to say how big he expected the trading team to be or when it might be fully in place, but said he expected the group to be a viable competitor to the major global players who currently dominate large-scale spot trade in Dubai.
Global gold trading giants including ScotiaMocatta, the precious metals trading arm of Canada’s Bank of Nova Scotia, Britain’s HSBC Holdings and South Africa’s Standard Bank are already active in the Gulf.
Keller said Al Ghurair Giga Gold, which operates as part of the Dubai Metals and Commodities Centre (DMCC), had no intention of seeking seats on any of the major global gold exchanges or trading in London for now, but saw plenty of scope to grow in a region that has a rich history in the bullion trade.
Dubai has in recent years joined the club of a major gold trading centres such as London, New York and Hong Kong thanks to proximity to the world’s biggest gold consumer, India, and an aggressive drive to become a regional commodities hub.
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Has anyone else notice that goldmoney is not showing the current rates.. still stuck at $887, and not changing, makes me wonder whether they have some kind of manual spike checking routine
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ouch!
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Or is it just that physical buying demand has outstripped what suppliers can normally deal with ?
Silver & Gold Shortage Announcement
http://apmexdealer.blogspot.com/2008/08/si...nouncement.html
No shortage.. suspect they just want to hold on at the moment and wait for the gains.. to cheap to give away!
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looking like good value to the miners
Global gold hedgebook cut by 16 pct in Q2-Fortis
Visit My Websitehttp://www.reuters.com/article/marketsNews/idCAL712123820080807?rpc=44
LONDON, Aug 7 (Reuters) - Gold miners cut their hedging positions by 16 percent in the second quarter of 2008, but the dehedging rate is expected to slow significantly in the remainder of the year, a report said on Thursday.
Miners bought back 3.5 million ounces of hedged gold in the second quarter, bringing the total global hedgebook to 18.7 million ounces, it said.
Anglogold Ashanti (ANGJ.J: Quote, Profile, Research, Stock Buzz), the world's third largest gold miner, led the dehedging, buying back 2.7 million ounces of gold in the second quarter.
Thirty other companies also cut their hedgebooks during the quarter, by a combined 800,000 ounces. Sino Mining (SGX.AX: Quote, Profile, Research, Stock Buzz), Barrick (ABX.TO: Quote, Profile, Research, Stock Buzz), Newcrest (NCM.AX: Quote, Profile, Research, Stock Buzz) and Lihir/Equigold (LGL.AX: Quote, Profile, Research, Stock Buzz) all cut their positions by more than 100,000 ounces.
The quarterly report, produced by VM Group and Haliburton Mineral Services and sponsored by Fortis Bank, said it expects dehedging to tail off in the remainder of the year, with second-half dehedging expected to reach only 2-4 million ounces.
Anglogold Ashanti has only 800,000 ounces of the dehedging programme it announced in the second quarter still to complete, it said.
"Anglogold Ashanti's enormous second-quarter dehedge means the global total has fallen sharply," said Matthew Turner, VM Group analyst and author of the report.
"However, as most of their dehedging programme is now completed, barring any big surprises from them or other companies, the rate of global dehedging will slow sharply from now on."
Hedging allows producers to lock in prices for future output, but it can backfire if metals prices rise above the hedged price
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I think the rationale is recession = fewer car sales = less demand for platinum in catalytic converters
Re platinum as a catalyst
see http://www.greenenergyinvestors.com/index.php?showtopic=3922
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Anyone know what time the figures are due out?
Will the normal weekend smackdown arrive later today?
I may make my last physical buy today so it would be handy to know.
13:30 BST I think
useful site.. updated each week
http://www.todayfx.com/calendar.html
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They want to push gold back below $900 but they can't.
However its still finding it harder to recover than silver (bottomed at about 16.85, back to 17.40)
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So... to take my mind off watching G/S I've been playing a little with the graph in this article.
Go HERE, and select "Large" for the size at the bottom-right of the chart. Now set the units to: "Change, Billions of Dollars" and the date range start to 1969-01-01 .... refresh the graph and notice how every time the Fed has loaned money in the past, it's been paid back soon after.
Then look at today... shorten the time range if you like... and you'll see that so far they've just leant and leant and leant. Some of it got paid back right at the very start of this mess, but since then, nothing.
And some say what's going on now is deflationary. How the feck is this deflationary?!
and then add the following series!!!
FDHBFRBN , Federal Debt Held by Federal Reserve Banks, Mar Jun Sep Dec, Billions of Dollars, Not Seasonally Adjusted
suddenly your borrow line looks very very small
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I am getting a discrepancy between the price of gold reported by Kitco and IGIndex, which I haven't noticed before.
At the time of posting, Kitco says around $910, whereas IGIndex says around $901
Does anyone know which is more reliable, or can suggest a 3rd party than is better than either?
http://www.goldprice.org/live-gold-price.html
its closer to the 900 mark
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I resisted buying another chunk (?) yesterday.
Anyone want to call the bottom? Date, rather than price?
I'd rather spend my time baking, it's so much better for the soul
You have US crude inventory data today.. and unemployment on Friday.. very hard to call, will see what the 14:45-15:30 period today holds.. got to be close to the low, as the sun is shining at the moment but storm clouds are brewing.. trade talks fall apart etc.
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Taking a good hammering in the last hour.. down over $10
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Shopping time?
Currently $916/oz.
Silver down at $17.09/oz.
indeed.. picked a stash at 914.75 on goldmoney, these 2:45-3:30 sessions have been most productive as of late
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I don't own any gold yet (was paying of debts) and want to start ASAP, is it too late?
What takes precedence, cash savings or gold?
Welcome Wigler.. I see you have just joined. It would be worth you reading some of the threads on this site re cash vs gold.. suffice to say, your have done well with the first step (paying of debts)..
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For me it was this last dip, IMO it's too close to gamble now.
Loaded up to.. 918 yesterday.. was aiming today, but just missed the 919 blip, hope to complete early next week
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Never take anything for granted.
Lesson - always have some spare dry power to spend in the sales.
True.. however you don't want to miss getting in the rocket before liftoff.. so when does one get to the point that you blow the powder before its too late.. I guess thats the million oz question
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anyone else notice this on silver a minute ago (15:50BST).. I see same for gold
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What!! And haven't swapped it for metal yet!?
It amazed me that some who were smart enough to STR did not see the further logic of selling fiat.
time for a new poll me thinks.. I for one am not 100% PM although +ve fiat cash. I would be interseted in peoples % blend, cash vs gold vs silver vs mining shares vs other shares vs gilts/NSI
GOLD
in Gold, FX, Stocks / Diaries & Blogs
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Sorry couldn't resist posting this..
To add a bit of flare to you online trading activities, a gold bullion wireless mouse:-
gold-bullion-wireless-mouse