31 July 2013
Berita Semasa 31 Julai 2013 ...
Richard Nixon's involvement in Gold theft alleged in a new book series
Chapter 14 in the book titled "The Lies, The Thefts," divulges the entire memorandum John Ehrlichman, Nixon's Domestic Affairs Advisor, wrote to Treasury Secretary David M. Kennedy and makes for an interesting read.
The Gold House trilogy, a book series by John Clarence and Tom Whittle, allege Nixon's involvement in a massive gold theft during his time as President. The books present documents, reliable sources, and official Watergate testimony by John Dean as persuasive arguments.
Chapter 14 in the book titled "The Lies, The Thefts," divulges the entire memorandum John Ehrlichman, Nixon's Domestic Affairs Advisor, wrote to Treasury Secretary David M. Kennedy and makes for an interesting read.
“A concern raised in the Alexander-Nixon-Ehrlichman meeting was that since possession of gold was a violation of the law, [Keith] Alexander would relinquish the gold only if he were not prosecuted,” Clarence said.
The authors added in the book, “Kennedy’s response came a week later outlining the Treasury Department’s position on gold found in a treasure trove.”
According to the book, Kennedy wrote, “...no license or authority was required to search for, discover, and possess buried treasure.” Kennedy also wrote, “Such a treasure was normally shared on a 50-50 basis with the government.” However, “Nowhere in the Gold Reserve Act did it state the government was entitled to anything,” Clarence said.
On February 10, 1971 Secretary Kennedy, an honest and reputable individual, was no longer Secretary of Treasury; the following day Nixon appointed former Texas Governor John Connally.
Clarence and Whittle allege that documents presented in Chapter 8 of "The Lies, The Thefts" uncover the original source of the “50-50” arrangement. “It was rooted in an agreement between President John F. Kennedy’s military aide, Major General Chester Clifton and the Treasury Department in January 1963,” the authors claim.
“The Kennedy-Chester arrangement concerned a government-financed excavation of a treasure trove found at Fort Huachuca, Arizona. However, a "50-50" split arrangement was not part of any statute related to The Gold Reserve Act,” they added.
Clarence and Whittle also contend that four months and two weeks after Nixon was elected to a second term, Ehrlichman and White House Counsel John Dean met with Nixon in the Oval Office when the issue of money was discussed. Nixon’s comments during the meeting were recorded on the Watergate tapes: “We could get that. On the money, if you need the money you could get that. You could get a million dollars. You could get it in cash. I know where it could be gotten. It is not easy, but it could be done.”
A number of FBI documents presented in The Gold House trilogy reveal that on Sunday, November 25, 1973, 36.5 tons of gold worth more than one billion dollars (at July 2013 prices), was stolen from White Sands Missile Range. A creditable source named in Chapter 20, entitled: “Events Preceding the Thanksgiving Holiday Weekend Gold Theft” alleged that Nixon was linked to the theft.
Sumber : Google
30 July 2013
Berita Semasa 30 Julai 2013 ...
US Gold futures weaken ahead of Key data releases on Thursday
US gold futures has hit a temporary road block at $1348 levels but looks capable of sustaining recent recovery and moving higher to $1400 in the medium term
Photo Courtesy: BigStockPhoto
US Gold futures have temporarily hit a road block at $1348 per ounce amidst profit booking that pushed the prices to $1320 levels on early electronic trading on Thursday.
However, the market is looking towards several key data releases today and some volatility in prices is expected today, analysts said. "On daily charts, recovery seems to have hit resistance at $1340 levels but there is no reason why prices could move to $1400 in the near term," according to Sreekumar Raghavan, Chief Strategist at Commodity Online Group.
The ascending triangle formation on charts have temporarily turned bearish but has the potential to swing higher to $1420 levels before consolidating in the short-to-medium term, he added. An RSI of 54 is neutral to positive and MACD is in positive territory signalling possiblity of an uptrend even as market looks for key data releases today.
Sumber : Google
29 July 2013
Berita Semasa 29 Julai 2013 ...
Gold obsession: What the children's story book teaches us
As I was telling my daughter Diyah fairytales from her storybook, I realised we have a wealth of them that are related to gold- the Midas Touch being the classical one. King Midas thought happiness lies in amassing gold even that he had all the luxuries one could hope for.
Today analysts at Commodity Online are quite upbeat on gold prices despite the fact that Bernanke gave a bearish hit to the yellow metal with his announcement of tapering of QE by 2014. My fellow gold bulls like Jeff Nichols are putting up a brave face while some others as you all are aware have taken a hasty retreat as gold plummeted to below $1200 levels.
Last week when one of the leading South Indian news channel, Asianet News, asked my view on Gold it was quite difficult to comment, but I told them recovery signals are seen in the coming months not in the near future.
The Harvard trained Minister in Indian cabinet who manages the finances of the economy has repeatedly cajoled, persuaded sometimes directed his fellow country men to stop loving Gold. How many countrymen know about CAD?
As I was telling my daughter Diyah fairytales from her storybook, I realised we have a wealth of them that are related to gold- the Midas Touch being the classical one. King Midas thought happiness lies in amassing gold even that he had all the luxuries one could hope for. His only desire expressed to god of celebration, Dionyssus was that anything he touches should turn into gold. Ultimately, the blessing turned into a curse. That ultimately led him to starvation, after all the food also will turn into the yellow metal. �The moral that we learn from this is not to become a slaves of our own desires.
Similarly, there is another story titled, 'Fortune and the Beggar' which tells the tale of a beggar who lamented her fate and compared herself to the rich man staying across the street. Fortune heard her call- she could keep filling her apron with gold coins until she asked it to stop. But she should ensure that no coin drops to the ground, if it happens then the precious metals would turn into dust. When Fortune started filling her apron with coins, the greedy beggar wanted more. The apron became so heavy, it tore and coins fell on the ground turning to dust.
The Cock and the Jewel story is about a cock who finds a jewel while scraching for food on the ground. It was of no use to the cock. He did not find it useful, so he took it to a farmer and exchanged it for some golden grains.
There is indeed lot of greed out there in the futures market when operators go on a bullish mode or a bearish mode-- the intention is to make abnormal profits. The Midas Touch and The Fortune and the Beggar stories have got the answers for them. The beggar's story also tell us something about portfolio management. We should only dedicate a portion of our money into gold-- there are lot of other precious things in life.
In Jack and the Beanstalk, Jack exchanges his cow (which had stopped giving milk) for some beans which when sown grows quickly to touch the sky much to the astonishment of his mother who scolded him for a losing sale. He climbs the beanstalk and finds a tough woman who stays with an ogre who delights in eating animals and children. But he has sufficient gold coins in his chest. Jack manages to steal them and return home climbing down the beanstalk. He and his mother lives happily and as they exhaust the coins, Jack again goes back and this time returns with a hen that lays the golden eggs only to be vigorously followed by the ogre. As Jack races down fearing for his life, he manages to cut the sky-high tree, and ogre fell with a thud. The hen continued to lay eggs and Jack married and lived happily ever after.
I think the most important lesson here is about risk taking. Jack exchanged his cow for some beans which was 'unworthy' for his mother but it turned the course of their life. But if they persisted to hold on to the beanstalk, the ogre would have finished him in no time. So the importance of exit strategy in markets!
Ofcourse, we should not kill the hen that lays the golden eggs. That's too much greed anyway!
Sumber : Google
28 July 2013
Berita Semasa 28 Julai 2013 ....
Bank of Latvia releases Silver coin dedicated to Jazeps Vitols
Each coin is struck in .925 fine silver in proof quality. The weight is 22 grams and the diameter is 35 mm. The maximum mintage is 3,000 pieces.
The Bank of Latvia has released a new silver coin to mark the 150th anniversary of the birth of composer Jazeps Vitols.
Jazeps Vitols was a professor at the Saint Petersburg Conservatory. In 1918, he returned from Russia to the newly independent Latvia to conduct the Latvian National Opera and later established the first Latvian Conservatory of Music. where he raised the next generation of musicians. He is considered the father of distinctively Latvian classical music.
The obverse design of the coin features a silhouetted profile portrait with a facsimile signature at the base. The inscriptions include “Jazeps Vitols” and the denomination “1 lats”.
The reverse design features five horizontal parallel lines from which rays of light emanate in an arc. The inscriptions above is “Gaismu sauca, gaisma ausa”, which translates to “We called for light and there was light” in reference to the light in his music. The year 2013 appears at the base.
Each coin is struck in .925 fine silver in proof quality. The weight is 22 grams and the diameter is 35 mm. The maximum mintage is 3,000 pieces.
Sumber : Google
27 July 2013
Berita Semasa 27 Julai 2013 ...
India witnesses spurt in Gold smuggling
News reports and statements by the Directorate of Revenue Intelligence points to the alarming increase in gold smuggling through international airports in India. Delhi, Ahmedabad, Mumbai, Kochi, Kozhikode airports have witnessed increase in gold smuggling, according to news reports.
Two weeks back, two passengers who came to Cochin International Airport by Emirates flight were caught with 3 kg of gold biscuits by airport customs officials. The illegally brought in gold biscuits were valued at $4500 and officials said they were acting as carriers for an individual based in Kozhikode city in North of Kerala.
News reports and statements by the Directorate of Revenue Intelligence points to the alarming increase in gold smuggling through international airports in India. Delhi, Ahmedabad, Mumbai, Kochi, Kozhikode airports have witnessed increase in gold smuggling, according to news reports.
In the last week of April, officials at the Karipur International Airport seized gold worth Rs 1.12 crore from a passenger who arrived at the airport from Sharjah on Wednesday. Customs officials foiled the attempt by a passenger hailing from Koyilandy to smuggle 3.99 kg of gold concealed in his baggage.
The gold, in the form of gold bars, was hidden in a metal box in the rear side of a TV. The gold bars were detected during the X-ray scan. Assistant commissioner Rohit Kumar led the search and seizure operation.
Meanwhile, some of the airports have upgraded the scanners and x-ray machines to detect gold smuggling which has risen following the increase in import duty to 8% and differential in gold prices in India and abroad, market analysts said.
The duty-free allowance of gold which has been raised to Rs 50,000 for men and Rs 100,000 for women in the recent budget will not be applicable for importing gold coins, gold biscuits or bars. Persons who had stayed at least six months can bring gold up to 1 kg of gold on payment of customs duty of 10% along with an education cess of 3% of the notified value.
According to a Thomson Reuters GFMS report prepared on behalf of World Gold Council, it is estimated that 102 tons of gold were smuggled into India last year and this year the figure could be higher, an observer said.�
According to Bombay Bullion Association, the up coming festival and wedding season could witness increased demnand for gold and hence consequent rise in gold smuggling.
Sumber : Google
26 July 2013
Berita Semasa 26 Julai 2013 ...
Backwardation in Gold indicates continued shortages: ETFS
The nearly 7% gain over the past two weeks is the largest gold price rise since November 2011. Gold ended the week just under US$1,300oz and appears to be building a firm base above US$1,200oz.
Image Courtesy: BigStockPhoto
Backwardation seen in US gold futures indicates shortage of the commodity in the market, according to a weekly analysis by ETF Securities Ltd (ETFS). Due to the quasi-currency status of gold, gold futures very rarely close in backwardation.�
However, on July 19, the August 2013 futures contract settled at US$1,292.9/oz. on the COMEX, US$0.40/oz. lower than the thinly traded July 2013 contract.�
Last week, gold posted second consecutive week of gains on hint from Ben Bernanke that monetary accommodation would continue, consequently a weak dollar helped the yellow metals to make gains.The prior week, the cost of borrowing gold rose to its highest level since 2008, as the recent gold sell-off has substantially tightened the leasing market.
The nearly 7% gain over the past two weeks is the largest gold price rise since November 2011. Gold ended the week just under US$1,300oz and appears to be building a firm base above US$1,200oz. Substantial physical demand, notably from China, increased central bank buying, unprecedented global monetary accommodation, a weaker than usual economic recovery and the recent price correction back to attractive value should be medium-term bullish for most precious metals prices.�
Key events to watch this week�
Manufacturing PMIs will dominate the news flow this week and provide investors a gauge for the strength of the global recovery. Given that Fed tapering is data-dependent, the flash Markit PMIs for US and China may attract as much attention as the official figures usually do. US housing market data will be closely analysed to assess whether last week’s weak housing starts data was an aberration or the start of a trend.
Sumber : Google
25 July 2013
Berita Semasa 25 Julai ...
Gold rallies but 'very oversold' miners extend losses post-Bernanke
Like the gold bullion price, silver prices were quiet after Wednesday's sharp 4.3% swing, in line with other commodities.
The gold price traded in a tight range around $1280 per ounce Thursday morning, but gold mining stocks extended their fall as broader equities rose.
By lunchtime in London, gold prices had recovered two-fifths of yesterday's $30 drop from new 4-week highs.
London-listed African Barrick, spun out of the world's largest gold mining stock Barrick in 2010, lost 2.2% but held above last month's record low.
Russian gold miner Petropavlovsk lost a further 5%, taking its 2013 drop to more than 75%.
Like the gold bullion price, silver prices were quiet after Wednesday's sharp 4.3% swing, in line with other commodities.
US Treasury bonds ticked higher, nudging 10-year yields down to 2.48%.
"The sentiment [in gold mining stocks] is terrible – worse even than the sentiment towards gold," says HSBC analyst Patrick Chidley to the Financial Times.
"We have seen a 50% fall in gold mining shares in six months," the paper also quotes Evy Hambro, co-manager of the $2 billion Blackrock Gold & General Fund.
"Common sense would naturally say we are in very oversold territory."
Gold-heavy hedge fund manager John Paulson – whose $2 billion position in AngloGold Ashanti alone lost clients $317 million in the second quarter, according to the Wall Street Journal - yesterday defended his continued investment in both gold and gold mining producers.
"People who bought gold in anticipation of inflation have lost their patience" with the price, Paulson told CNBC's Delivering Alpha conference.
"[But] the consequence of printing money over time will be inflation, it's just difficult to predict when."
That makes buying gold "an important part of anyone's portfolio."
US Fed chairman Ben Bernanke restated his aim of starting to taper quantitative easing in testimony to Congress on Wednesday.
But on short-term rates – now at zero for more than four years – "I don't think the Fed can get interest rates up very much," he said, "because the economy is weak, inflation rates are low.
"If we were to tighten policy, the economy would tank."
Bernanke was due to resume his semi-annual testimony at 10am Thursday in Washington.
"The $30 pullback in gold prices [after Bernanke spoke Weds] was likely more a reflection of disappointment that prices did not manage to break resistance [at] $1300," says Swiss investment and London bullion bank UBS's strategist Joni Teves.
"Our economists," says a note from Commerzbank's commodity team, "are still confident that the Fed’s bond purchasing programme will be gradually scaled back from December.
"This is likely to be largely priced in and should thus no longer weigh significantly on the gold price."
But "shifting sentiment regarding the timing of Fed tapering will impact gold and make trading volatile," warns HSBC analyst James Steel.
"Since investment demand is weak, with ongoing gold ETF liquidation, a strong physical market is crucial if gold prices are not to sink considerably further."
Further ahead, gold-mine output is set to shrink in the years to come, said Gold Fields' boss Nick Holland in an interview Wednesday, thanks both to the falling gold price and "a dearth of exploration projects.
"The gold mining industry is struggling to replace what it mined," says Holland, CEO of the world's 8th largest producer.
Sumber : Google
24 July 2013
Berita Semasa 24 Julai 2013 ...
Gold to climb higher on continued stimulus measures: Alan Manzie, Ascenta
Even if US ends or tapers quantitative easing in early 2014, the West would be awash in cheap money. Catalysts for gold price inflation would more likely revert to deflation(a possibility) and sovereign credit rating risks.
Gold prices have been hammered in 2013 having fallen 25% wiping out $60 bn in value of physically backed Gold exchange traded funds. Investors have lost faith in gold but gold recovery would be driven by stimulus measures that will continue in USA, China, Japan, according to Alan Manzie, Investment Advisor, Ascenta Bullion Plus Fund.
Even if US ends or tapers quantitative easing in early 2014, the West would be awash in cheap money. Catalysts for gold price inflation would more likely revert to deflation(a possibility) and sovereign credit rating risks.
Sumber : Google
23 July 2013
Berita Semasa 23 Julai 2013 ...
It's time to start buy back in Silver
In June alone, silver has plunged 13 per cent to about $18.80 an ounce currently and 35 per cent for the year compared to a fall of less than 12 per cent for gold.
Silver prices are dropped to that extend to start a buy back, analysts said.
Ever since the US Fed commented positively on US economic recovery, silver keep falling,quicker than gold to as low as below $19 an ounce.
In June alone, silver has plunged 13 per cent to about $18.80 an ounce currently and 35 per cent for the year compared to a fall of less than 12 per cent for gold.
Analysts said no forecaster predicted such a scenario for silver and most of them seen prices hitting $50 this year.
Silver in particular was hit by concerns that Fed might reduce economic stimulus in the US which has seen traders pour money back into the US dollar in anticipation of less cheap cash and higher interest rates, while taking money out of commodities including silver and gold.
If US economy keeps improving, the printing of money slows and the dollar strengthens, then the safety of silver and gold is less attractive.
However some analysts said silver can still perform well if the US economy improves since it has strong industrial applications and is not as much of a defensive, value-hedging asset as gold.
Many analysts are of the view that its time for silver to start a buy back as prices are at near three-year lows.
In its favour is that silver is under-performing gold despite the latter's own heavy falls: an ounce of gold at $1212 would buy 66 ounces of silver now, compared to 33 ounces when it was at its 2011 record high.
Sumber : Google
22 July 2013
Berita Semasa 22 Julai 2013 ...
Silver sits on shaky ground: Barclays
Speculative positioning has started to tumble since the start of the year and is now some 90% lower, almost flipping into net short territory at the end of June. Silver has swung into net short speculative positioning several times through the 1990s - the last time, 10 years ago - but overall positioning is light in line with a lower price.
Sizeable, cash-negative and physically backed ETPs expose silver prices to considerable downside risk, major global financial services provider Barclays said in a report.
“Silver has been the worst performer across precious metals, but we believe it faces further downside risk in the near term. While there is some scope for industrial demand to improve and lend support to prices as the year unfolds, given the muted response to lower prices thus far, we believe this cushion is unlikely to materialise in the coming weeks,” analysts at Barclays Plc said.
The analysts expect prices to average $17.8/oz in Q3 13.
Whether silver is taking its cue from gold on the investment side, or from copper on the industrial side, both are suggesting a softer quarter ahead. The industrial indicators imply there were some signs of consumption recovering at the start of the year, looking at regional trade data, as well as macro data.
However, this quickly gave way to weaker appetite, particularly across Europe, as lower prices failed to motivate buying, revealing the less price-sensitive consumer activity. But it is not the soft industrial activity that prompts our negative outlook for silver, it is, in fact, the element that has helped to plug the sizeable surplus in the market - investor activity.
Speculative positioning has started to tumble since the start of the year and is now some 90% lower, almost flipping into net short territory at the end of June. Silver has swung into net short speculative positioning several times through the 1990s - the last time, 10 years ago - but overall positioning is light in line with a lower price.
But unlike gold, where over 20% of total metal held in trust has been redeemed in the year date, silver ETPs have held up very well. Flows are up, 93 tonnes, in the year to date, despite May delivering the third-weakest month on record with outflows of 209 tonnes. In contrast to gold, investors have seen lower silver prices as a buying opportunity.
Total metal held in trust, sits at 19,567 tonnes, 4% shy of the all-time high of 20,266 tonnes set only in March this year. Of concern, a net 2,381 tonnes of metal was accumulated above $30/oz, some 3,185 tonnes above $25/oz and 4,070 tonnes above $20/oz. Thus at current prices, at least 21% of the metal held in trust is cash negative, implying the scope for redemption suffered across gold.
Of course an investor could have bought shares at say $15/oz and sold at $40/oz, thus the 4,070 is the bare minimum that is under water. Examining the other extreme, i.e., only investors who bought at the lows have sold at a profit, implies some 14-15kt is cash negative.
Sumber : Google
21 July 2013
Berita Semasa 21 Julai 2013 ...
Gold, Silver advance further in Asia
Silver, platinum and palladium are also advanced in Asian trade on US Fed chief Ben Bernanke's remarks on monetary stimulus.
Gold advanced in Asian trade Monday from a 5.4 percent weekly gain.
Gold for immediate delivery was seen trading at $1,290.96 an ounce at 12.00 noon Singapore time while US gold was at $1290.11 an ounce on the comex division of nymex.
Silver, platinum and palladium are also advanced in Asian trade on US Fed chief Ben Bernanke's remarks on monetary stimulus.
Bernanke said that a highly accommodating policy was needed for the foreseeable future, bolstering bullion which is often seen as a hedge against inflation.
Prices were also buoyed as Chinese GDP data for the second quarter matched expectations at 7.5 percent.
Meanwhile, holdings in SPDR Gold Trust, the world's largest gold-backed ETF, are near four-year lows. The fund has seen outflows of over 13 million ounces, or about $17 billion at current prices, so far this year.
On Friday, gold ended the week with a 5.4 percent gain, highest in almost two years.
However, the yellow metal dropped Friday from a four day winning streak to close at 1,282.06 an ounce while US gold for August delivery closed at $1,277.60 an ounce.
Sumber : Google
20 July 2013
Berita Semasa 20 Julai 2013 ...
Cost of Gold borrowing rises to highest level since 2008
The cost of borrowing gold rose to the highest level since 2008 last week, as the recent gold sell-off has substantially tightened the leasing market. While gold miners’ hedging might have contributed to the rise in gold lease rates, the lack of liquidity is most likely behind this phenomenon, according to ETFS report.
Cost of borrowing gold has risen to the highest level since 2008 last week as Gold Forward Offered Rates (GOFO) turned negative for the first time since the Lehman crisis amdist recovery seen in gold on weak dollar and bond yields, ETF Securities Ltd said in their weekly report.
The cost of borrowing gold rose to the highest level since 2008 last week, as the recent gold sell-off has substantially tightened the leasing market. While gold miners’ hedging might have contributed to the rise in gold lease rates, the lack of liquidity is most likely behind this phenomenon, according to ETFS report.
Bernanke's dovish comments sent gold higher as Fed emphasised the need to for highly accomodative policy for the foreseeable future even if it does taper its stimulus programme. The US Dollar fell sharply after the announcement, pushing gold and silver up to almost US$1,300oz and over US$20oz, respectively.�
Key events to watch this week
Bernanke’s Congressional testimony on Wednesday will be watched very carefully for further clarity on the Fed’s monetary stance. US industrial production and housing market data will also potentially drive precious metals sentiment, with strong figures supporting platinum and palladium. EU car sales, after having fallen to a 20 year low, could temper the gains in platinum if they fall further.�
Sumber : Google
19 July 2013
Berita Semasa 19 Julai 2013 ...
Fund managers may lose fascination for Wall St, return to Gold: Jeff Nichols
Only now, having sold gold in the past couple of years, Western institutions may find it difficult to rebuild their gold ETF holdings without bidding gold prices to much higher levels
Fund managers who rushed into equities and bonds in recent times may be wondering how long the party on Wall Street would last. This shift in expectations could fuel a turn-around and recovery in gold prices, according to Jeffrey Nichols, precious metals economist and Managing Director of American Precious Metals Advisors.
With the recent rise in long-term interest rates, the bull market in bonds is probably over although equities remain quite strong now.
Only now, having sold gold in the past couple of years, Western institutions may find it difficult to rebuild their gold ETF holdings without bidding gold prices to much higher levels because many of the buyers since 2011 — Chinese households or the Russian central bank, for example — have no interest whatsoever in selling . . . not now and not for many years or even decades to come., Jeff Nichols said.
The large scale institutional sell off mostly in gold ETFs has ensured supplies to meet the continuing demand for the physical metal by Asian investors and central banks, he added.
Sumber : Google
18 July 2013
Berita Semasa 18 Julai 2013 ...
India's Muthoot Finance to continue Gold business
Muthoot Finance and 25 other companies, including Tatas, Reliance, Birla and India Post, have applied for bank license.
Two weeks after applying for a banking license, India's largest private gold mortgage player Muthoot Finance, said it can easily launch commercial lending business with as many as 2,000 branches.
According to Muthoot Finance MD George Alexander Muthoot company's experience in the field is the biggest asset are better suited than many other applicants in this regard with better reach in rural markets.
On whether the company will continue with the gold loan business if it gets a banking licence, he said there is no question of shutting that down as there is no regulatory requirement to shut down the existing business.
Many of company's 4,200 branches are in tier 2,3 & 4 towns in the country and can be immediately converted into a full-fledged bank branches.
Analysts said with large existing customer base and strong brand image makes it an eligible candidate.
With 74 years in gold financing, the company has over 4,200 gold loan outlets across 21 states and four Union territories, and employee strength of over 25,000 with a gold loan portfolio over Rs 26,000 crore as of last fiscal.
Muthoot Finance and 25 other companies, including Tatas, Reliance, Birla and India Post, have applied for bank license. Last month the company got an in-principle go-ahead from the RBI to launch white-label ATMs and it plans to set up at least 9,000 money vending machines over the next three years.
Sumber : Google
17 July 2013
Berita Semasa 17 Julai 2013 ...
It's time to start buy back in Silver
In June alone, silver has plunged 13 per cent to about $18.80 an ounce currently and 35 per cent for the year compared to a fall of less than 12 per cent for gold.
Silver prices are dropped to that extend to start a buy back, analysts said.
Ever since the US Fed commented positively on US economic recovery, silver keep falling,quicker than gold to as low as below $19 an ounce.
In June alone, silver has plunged 13 per cent to about $18.80 an ounce currently and 35 per cent for the year compared to a fall of less than 12 per cent for gold.
Analysts said no forecaster predicted such a scenario for silver and most of them seen prices hitting $50 this year.
Silver in particular was hit by concerns that Fed might reduce economic stimulus in the US which has seen traders pour money back into the US dollar in anticipation of less cheap cash and higher interest rates, while taking money out of commodities including silver and gold.
If US economy keeps improving, the printing of money slows and the dollar strengthens, then the safety of silver and gold is less attractive.
However some analysts said silver can still perform well if the US economy improves since it has strong industrial applications and is not as much of a defensive, value-hedging asset as gold.
Many analysts are of the view that its time for silver to start a buy back as prices are at near three-year lows.
In its favour is that silver is under-performing gold despite the latter's own heavy falls: an ounce of gold at $1212 would buy 66 ounces of silver now, compared to 33 ounces when it was at its 2011 record high.
Sumber : Google
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