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ETF Streettracks Gold Trust

gold price are going unbelievable strong on betting dollar may drop.
indeed US is facing recession now.

 

Gold Extends Rally to Seven-Week High on Bet Dollar May Drop


By Pham-Duy Nguyen

Nov. 2 (Bloomberg) -- Gold in New York extended a rally to a seven-week high as some investors bet a slowing U.S. economy will weaken the dollar, boosting the metal as an alternative investment.

Gold, sold in dollars, generally moves in the opposite direction of the U.S. currency, which is headed for a third straight weekly drop against a basket of six major currencies. Gold is up 20 percent this year.

``Some people are worried that the economy is not doing as well has they had thought,'' said Nick Ruggiero, a trader at Eagle Futures Inc. in New York. ``That's why people are buying gold.''

Gold futures for December delivery rose $2.30, or 0.4 percent, to $621.60 an ounce at 9:31 a.m. on the Comex division of the New York Mercantile Exchange. Prices earlier reached $621.80, the highest since Sept. 8, and had gained 6.2 percent in the past seven sessions.

A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date.

 

Gold has never stop moving up!!!

 

gold is going strong, continue to inch-up to $61.2 now!!!

 

Also not to forget India which is the biggest gold consumes country had just over Deepavali so there is large transaction before the mid Oct that contributed to the gold price.

 

Gold pile will just keep getting bigger. President Putin wants the Russian central bank to hold at least 10% of its foreign currency reserves in gold, double the previous reserve level of 5%.

The country has foreign currency reserves equivalent to about 10% of its gross domestic product. So as its economy grows, it has to keep buying  up more gold to maintain its 10% reserve level. And of course, with oil prices soaring, Russia is likely to maintain a hefty current account surplus for the foreseeable future.

 

UBS, which is the world?s biggest gold trader, said that information gleaned from its trading floor suggests that buyers are spending about a fifth of the money they put into commodities on precious metals.

 

Gold traded close to the highest level in more than a month in London as jewelers in India, the world's biggest bullion buyer, increased purchases in the run-up to the year-end holiday season.



Gold demand typically increases in the final quarter of the year, when jewelers stock up for the holidays and the wedding season in India. The metal has gained every fourth quarter since 2002. Jewelers accounted for 73% of global gold demand last year, according to the London-based World Gold Council.



Gold for immediate delivery rose 1.1% to US$606.38 an ounce, the highest since Sept. 28. The metal has gained 17% this year, after advancing 18% last year.



Gold may rise for a fourth straight week on speculation that a slowing U.S. economy will erode the value of the dollar, increasing the appeal of the precious metal as an alternative investment.



Gold has rebounded after a 4.7% drop in September that was the second-biggest monthly decline in two years, and the dollar has fallen for two consecutive weeks against the world's major currencies. U.S. economic growth slowed in the third quarter to the slowest pace since 2003 as the housing market slumped and the trade deficit widened.

 

running up to $60 today!!!
up-trend again?

 

GLD is up by 1.9% @ 59.60

Time for another gold run

 

Hi All,

GLD on NYSE is up. Tomorrow at SGX should have the same price.

Symbol	Last Trade 10:26 19 Oct	Change	Volume
GLD	59.37	+0.78 (+1.33%)	1,108,900

This info from SGX:

The Trust is an investment trust, formed on 12 November 2004 under New York law pursuant to a trust indenture, or the Trust Indenture.

streetTRACKS® Gold Shares is the first gold-backed exchange-traded fund to be listed in Asia. Sponsored by the World Gold Trust Services LLC, the streetTRACKS® Gold Shares are designed to track the price of gold and trade like any stock on the exchange. The Gold Shares are backed by physical allocated gold bullion and denominated in US dollars. streetTRACKS® Gold Shares are designed to offer investors an opportunity to participate in the gold market through an investment in shares. The investment objective of the Trust is for the shares to reflect the performance of the price of gold bullion, less the Trust's expenses.

 

Hi Nos,

thx for the tips, this morning I just try to be funny to buy 1 lot at que price of S$56 of course the system rejected me.. guess there is 2 reason either the min lot is rejected or it too far away from the 6 bid step =)

 

GLD 10US$. As the name suggests, the min you can buy is 1 lot which is 10 shares. That is US$587.0.

 

I meant buy one share.

 

You mean one unit is S$58.70.

So if you were to buy 100 unit is S$5,800.00

 

sorry I dun quite get you?
what do you mean by spend one share?

but of course you can buy min 1 lot with S$58.7, it will include broker fees.

 

Hi YongJiu,

So does that mean I only need to spend one share?

 

hoping to go in at S$56, any one have some experience in gold investment?

 

each lot is S$58.7 with settlement in S$ or USD.
For USD settlement not too sure abt the exchange rate.

 

Does anyone know how many of this in one lot.