Hello All,
not sure this has been brought to your attention:
cbs.marketwatch.com
B%2D54A932004C3D%7D&siteid=mktwMITSUBISHI PLANS ONLINE GOLD TRADING
2/28/2002 4:26:00 AM
By Betty Barya
4:26 AM ET Feb 28, 2002
TOKYO (CBS.MW) -- Mitsubishi Corp., the Japanese trading house, plans to
offerindividual investors an online trading service dealing in gold and
platinum.
A Mitsubishi spokesperson said the company wants to start the service by May
and
hopes to draw 20,000 to 30,000 accounts within to years.
The timing would seem to be propitious: Japanese demand for gold is surging
because
many investors are seeking refuge from slumping stock prices and a weakening
yen (see
related story). Japanese investors imported 8,169 kilograms of gold in
January --
triple the amount in January 2001, according to Finance Ministry data.
Of course, some people are content to keep money in bank accounts, but as of
April
the Japanese government will remove blanket protection for time deposits;
savers will
be insured for time deposits up to 10 million ($75,000). Accounts larger than
that
will not be safe if the bank goes bust.
Investors who open an account with Mitsubishi will be able to purchase fixed
amounts of gold and platinum monthly or trade a larger amount of the metals
on the
spot markets, the spokesperson said.
Details about accounts, the trading system and commissions on trades would be
announced in a few weeks, he said.
Very good news for goldbugs, indeed
Cheers
Eva |
