31 January 2013
Berita Semasa 31 Januari 2013 ...
RBI move to help India Gold loan companies
In a report, ICRA said standardization of valuation of gold and increase in the LTV cap from 60 percent to 75 percent would help gold loan companies increase business volume.
Indian credit rating agency Investment Information and Credit Rating Agency (ICRA)said RBI proposal to increase the loan to value (LTV) ratio to 75 percent from the present 60 percent is likely to help gold loan companies increase their business volume at a reasonable rate.
In a report, ICRA said standardization of valuation of gold and increase in the LTV cap from 60 percent to 75 percent would help gold loan companies increase business volume.
It, however, added that the pace of growth of these companies is likely to be much lower than the over 120 percent compounded annual growth rate (CAGR) witnessed over the last three years.
The KUB Rao committee, appointed by the RBI on gold loan companies (GLCs) was released on 2 January. It has proposed to increase the LTV ratio along with a host of other recommendations for monetisation of gold.
The report also acknowledged the positive role of banks and non-banking financial companies (NBFCs) in monetising gold. Referring to the report, the agency also said gold loan NBFCs may not increase their market share from the present level as banks enjoy a competitive advantage over them.
“As banks enjoy a competitive advantage over NBFCs, and given the healthy risk-adjusted returns and growth prospects in the gold loan segment, banks could step up the pace of growth of gold loans. Were this to happen, the market share of NBFCs in gold loans may not increase from the current 28 percent by FY12 end,” the report said.
The report also noted that the pace of growth of gold loan companies might slow down as they rely more on wholesale funding sources. “Significant funding constraints (despite possible easing) may slow down the pace of growth of GLCs, as such entities are highly reliant on wholesale funding sources,” the report said.
It, however, pointed out that banks with 72 percent market share could expand the Rs 1.4 lakh crore gold loan market in the short-term with increase of their market share.
Sumber : Google
30 January 2013
Berita Semasa 30 Januari 2013 ...
Centamin gets approval to export 400 kg Sukari Gold
Earlier, Egypt Customs blocked the 400 kg shipment of gold from leaving it's shores until it received a permit from the country's Petroleum Ministry.
Ending days of uncertainty, Egyptian authorities finally allowed Centamin to export a batch of gold from the Sukari mine.
According to Egyptian Customs, Centamin has presented the necessary permits to export the gold to Canada for purification before it is sold on world markets,
Centamin has been plagued by difficulties in Egypt over the last three months, with a court questioning its right to produce gold at its only mine, customs officials holding up exports, and the country's petroleum ministry disrupting fuel supplies.
Earlier, Egypt Customs blocked the 400 kg shipment of gold from leaving it's shores until it received a permit from the country's Petroleum Ministry.
The company's recent troubles have coincided with a new bout of political strife in Egypt which has battered the country's economy in the past weeks and sent Egyptians scrambling to swap pounds for U.S. Dollars.
In December the company halted its mining activities at the Sukari mine on Egypt's Red Sea coast after it was temporarily denied permission to export gold, causing a shortfall in working capital, a situation which has since been resolved.
Sumber : Google
29 January 2013
Berita Semasa 29 Januari 2013 ...
Turkish Gold plane bound for Iran?
Turkish ULS firm carrying 1.5 tons of gold from Ghana to Dubai, United Arab Emirates was held by authorities reportedly for its failure to present necessary documents.
A Turkish plane carrying 1.5 tons of gold was probably intended for Iran, Turkish media reports.
Turkish ULS firm carrying 1.5 tons of gold from Ghana to Dubai, United Arab Emirates was held by authorities reportedly for its failure to present necessary documents.
Earlier, Turkish media speculated that the plane was actually flying from Algeria, and not to the United Arab Emirates, but possibly to Iran in breach of international sanctions against that country.
The value of the gold on the detained Turkish cargo plane was revealed to be worth $65 million.
The plane reportedly was initially going to land at Sabiha Gken on Istanbul's Asian side on Jan. 1, but was diverted to Ataturk Airport because of heavy fog for refueling and a personnel change.
During checks the plane was held because of missing and fake documents.
In accordance with the customs rules and regulations,the company might be fined triple the value of the gold, $195 million . The aircraft has reportedly been locked up and sealed for security reasons.
Sumber : Google
28 January 2013
Berita Semasa 28 Januari 2013 ...
Shanghai Gold trading jumps as US Gold derivatives shrink to three year low
The price of platinum has now been below the price of gold since September 2011, the longest such period in at least three decades.
Spot gold prices traded in a $10 range Monday morning, rising above last week's finish at $1656 per ounce as European stock markets cut earlier losses.
Silver prices also whipped in a tight range, holding at $30.25 per ounce by lunchtime in London.
Major currencies and government bonds were also little changed, as were broader commodity prices.
Looking at the broader commodities sector, "In 2012 we had a lot of liquidating by hedge funds," says Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle, "but there's an incentive to reverse that because of growth in emerging markets and especially China.
"It's going to be a good year for commodities."
US data show speculators raising the size of their bullish commodity bets for the time since November last week.
Speculative betting on the gold price, known as the "net long" position of bullish minus bearish bets, rose 3.1% to the equivalent to 609 tonnes of gold by New Year's Eve.
That was below the 2012 average of 633 tonnes however, and well below the 5-year average of 722 tonnes.
Overall, the total number of US gold futures and option contracts shrank last week to a 3-year low, dropping below 600,000 for the first time since September 2009.
With the Chinese New Year now 5 weeks away, in contrast, the Shanghai Gold Exchange today reported a sharp jump in physical gold trading, with volume breaking more than 22 tonnes.
"For 2013, an unreliable economy compels us to prefer supply-constrained commodities, especially the precious metals," says investment bank Morgan Stanley, forecasting average gold prices of $1853 per ounce this year.
"With loose monetary policy and low real interest rates, we believe that gold and silver will likely continue to perform."
But "I think America will sort itself out and the economy will start moving again positively," reckons Rene Hochreiter, CEO of Allan Hochreiter Ltd. in Johannesberg and winner of the London Bullion Market Association's 2012 price forecasting competition.
"As gold declines, as the world economy improves, so platinum, palladium and silver will start to pick up...Platinum may take another year or so before it beats gold and then it's going to stay above gold for the next upward cycle which could be five or six years," Hochreiter is quoted by Bloomberg News.
Gold prices will now average $1600 per ounce in 2013 believes Hochreiter, after averaging $1669 last year. His 2012 forecast was for $1650 per ounce.
The price of platinum has now been below the price of gold since September 2011, the longest such period in at least three decades.
Western policymakers meantime extended by 4 years today the deadline for new banking regulations, aimed at avoiding a repeat of the 2007-2009 credit crunch.
"The new liquidity standard will in no way hinder the ability of the global banking system to finance a global recovery," said Mervyn King, the UK's chief central banker and head of the Basel committee's oversight group.
Requiring banks to meet just 60% of the new liquidity requirements by 2015, with the full deadline pushed back to 2019, "It's a realistic approach," King said.
Sumber : Google
Berita Semasa 28 Januari 2013 ....
Gold is first shelter for countries like Iraq
Iraq is probably the country that is most in need of a great deal of gold reserves given its succession of political and economic crises.
War torn Iraq considering gold as one of the first shelter in times of crisis, according to a parliament committee led by country's prime minister Nouri al-Maliki.
The Dawlat al-Kanoun parliamentary bloc said gold is the most stable component of official reserves. It will result in the stability and possibly the improvement of dinar exchange rates.
The Iraqi dinar exchange rate is based on the amount of cash reserves, which include not only money but gold as well.
Iraq’s gold holdings quadrupled to 31 tons, the first time something like this has happened in years.
The value of gold as a strategic reserve has grown over the past few years due to the continued instability of the dollar exchange rate.
International banks perceive gold as having long-lasting value that is not affected by rapid economic development.
Gold can be used to compensate for insufficient cash reserves in the wake of political or economic crisis.
In that context, Iraq is probably the country that is most in need of a great deal of gold reserves given its succession of political and economic crises.
Since 2003, Iraq has had an insignificant cash reserve. Some sources state that those who were in charge of the Iraqi economy during the first months following Saddam Hussein's toppling converted a ton of gold, which was the only reserve held by the central bank, into cash.
Sumber : Google
27 January 2013
Berita Semasa 27 Januari 2013 ....
Hong Kong's Gold exports to China surge 91% in November
Hong Kong exported 90.763 tonnes of gold to mainland China in November, an increase of 91% on the month. Its gold imports from China rose 23% to 27.681 tonnes.
The net gold flow from Hong Kong to mainland China in November hit its second-highest level in 2012 after April, adding to evidence of China's unabated gold appetite, which lent support to gold prices, Reuters reported.
Hong Kong exported 90.763 tonnes of gold to mainland China in November, an increase of 91% on the month. Its gold imports from China rose 23% to 27.681 tonnes, the Hong Kong Census and Statistics Department said.
The total net gold flow in the first eleven months of the year, at 462.75 tonnes, already exceeded last year's total of 379.573 tonnes.
China does not publish gold trade data, and the Hong Kong trade numbers offer a glimpse of the demand for bullion from the Middle Kingdom, which is vying with India to be the world's top gold consumer.
"The picture is consistent with the overall idea that growth in China's gold demand has been a main driver of higher gold prices in past few years, and will quite likely continue," said a Hong Kong-based trader.
However, the gold inflow from China, possibly related to financing activities, could have distorted the data, traders and analysts have warned.
"The number is certainly very impressive, but there are all sorts of asterisks on this data series, which make it a bit ambiguous," the Hong Kong-based trader added.
Spot gold hovered around $1,710 an ounce in November, down from the year's peak of $1,795.69, hit in early October. It has since slumped further, to trade around $1,650.
"The lower price in November triggered a lot of buying, and this trend is continuing," said a Singapore-based trader.
Physical buying interest from China, as well as India and Southeast Asia, has picked up rapidly in the past few days as weaker prices attract bargain hunters, ahead of the Lunar New Year in early February, which is seen as the peak season for gold consumption in China and other countries in the region.
Sumber : Google
26 January 2013
Berita Semasa 26 Januari 2013 ...
Turkish banks deny links in Iran Gold trade
According to bankers they are always careful in transactions and about the source of the money or the identity of the customer; however, have not faced any extra ban with regard to gold transactions.
Major banks in Turkey denied any links over country's gold trade with Iran and said that it was business as usual for their gold trading desks.
According to bankers they are always careful in transactions and about the source of the money or the identity of the customer; however, have not faced any extra ban with regard to gold transactions.
Turkish bankers also said the trade with Iran was not being handled through them. They added that Iran is not carrying out its gold trade via the Turkish banking system and do not face any pressure regarding this issue.
It is the private sector selling gold to Iran. Interbank gold trading is not particularly common among Turkish banks, though lenders usually swap dollars for gold as the central bank allows them to keep a portion of their forex reserve requirements in gold.
Analysts however said banks are continuing to exchange gold in Turkey, despite U.S. pressure over the country’s booming gold-for-gas trade with Tehran, which helps Iran cope with international sanctions.
Turkey’s Deputy Prime Minister Ali Babacan said that the lira Iran received from Turkey for its gas was being converted into gold because sanctions meant that it could not transfer cash into Iran.
Turkey is Iran’s biggest natural gas customer, but Western sanctions prevent it from paying Tehran in dollars or euros. Iran is instead paid in Turkish lira – of limited value on international markets but ideal for buying gold in Turkey.
Turkish Economy Minister Zafer Caglayan said last week that the gold sales to Tehran would continue, saying the trade was carried out entirely by the private sector rather than between states and was not subject to sanctions.
Gold exports from Turkey to Iran jumped to $6.5 billion in the first 11 months of 2012 from just $54 million for all of 2011, as the United States tightened sanctions over Iran’s disputed nuclear program.
Sumber : Google
25 January 2013
Berita Semasa 25 Januari 2013 ...
China buys another Gold asset in Australia
Major Gold companies such as Shandong Gold, Zijing Mining and Zhaojin Mining are already in the fray for overseas takeovers, analysts said.
As part of it's efforts to boost gold reserves, China acquired yet another gold asset in Australia.
China's Hanking Gold Mining said it had acquired St Barbara's Southern Cross mine in the WA goldfields for $22.5 million.
The acquisition follows the sale of several other WA mines to Chinese companies over the past six months.
St Barbara halted operations at the mine in the December quarter, which analysts believe was because the mine was running at a loss.
Analysts said it's all part of a plan within China to boost it's gold exposure either directly through purchasing metal on the market or by investing in gold mining companies.
Insufficient resources in China create demand for mining companies to expand overseas, and increasingly mature exploration technologies allow them to do so more easily.
Major Gold companies such as Shandong Gold, Zijing Mining and Zhaojin Mining are already in the fray for overseas takeovers, analysts said.
These gold companies are examples of Chinese mining firms accelerating overseas investment, thanks to good investment opportunities created by capital shortages that have hit mining industries worldwide during the global financial crisis.
Sumber : Google
24 January 2013
Berita Semasa 24 Januari 2013 ...
Burma Gold dealers start brisk selling as Kyat gains
An ounce of gold is priced at 1,425,646.96 kyat in early trade Wednesday while kyat exchange rate for the day is at 857 to the dollar, down from nearly 900 a couple of months ago.
For the first time in six months, Myanmar gold traders began to brisk sell the yellow metal for country's currency which is going through a recent spike in its value.
Gold prices in Burma dropped by nearly a percent following the recent drops in international prices while Burmese currency, the kyat gained against the dollar.
An ounce of gold is priced at 1,425,646.96 kyat in early trade Wednesday while kyat exchange rate for the day is at 857 to the dollar, down from nearly 900 a couple of months ago.
Analysts said the situation forced gold traders to sell all the gold they previously kept in stock They added that this has also triggered alarm among the millions of labourers and exporters who are paid in dollars but who convert their earnings into kyat.
They said gold shops were also running low on gold, which is traditionally stockpiled by Burmese as a more financially stable alternative to the kyat.
But given the dependence on gold, which is horded due to widespread distrust of Burma’s banks and to keep up with high inflation rates, the drop in price becomes more palpable.
Traders have also begun to stockpile Thai Baht, which as the dollar weakens can achieve better exchange rates with the kyat.
Although dollar-dependent exporters and labours have been the hardest hit, there are fears that a ripple-effect could see farmers suffer as demand for increasingly expensive agricultural exports falls. The phenomenon has also reportedly sparked a hike in basic foodstuffs and transportation charges.
Sumber : Google
23 January 2013
Berita Semasa 23 Januari 2013 ...
SBV extends tight grip to jewelry Gold trade
The State Bank of Vietnam said it would put jewelry gold trade under the strict control and as a first step all jewelry gold shops in the country must make re-registration to continue their operation.
Extending it's strict policies to jewelry gold trade, Vietnam central bank said it will introduce more regulations to guide jewelry gold trade management.
The State Bank of Vietnam said it would put jewelry gold trade under the strict control and as a first step all jewelry gold shops in the country must make re-registration to continue their operation.
SBV sources said it will make sure that apart from quality, sellers would prove the origin of the jewelries to be sold to customers and all the jewelry gold transactions must be carried out with invoices which must be shown to the competent agencies if necessary.
From May and June, the State Bank of Vietnam will begin implementing the provisions stipulated in the Decree No. 24 and Circular No. 16 on the gold market management.
The legal documents said business households are not allowed to trade gold jewelries. Gold shops must make re-registration if they want to continue their trading.
A report by the State Bank showed that there are some 6000 bullion gold shops, while there are many more jewelry gold shops, which makes it more difficult for the State Bank to manage the shops.
Analysts said if the SBV successfully controls the gold trade activities, it would be able to collect tax from the transactions, while customers can be sure about the quality of the products they buy, because only registered gold shops can trade gold.
Vietnam had already imposed strict regulations on bullion gold trade. From January 10, 2012, only 14 enterprises and 17 credit institutions with 2400 branches would be re-licensed to continue bullion gold trading.
Meanwhile, the other 70 percent of gold shops would be able to co
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