Gold Price Monitor Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Abner Hosmer who started this subject	10/30/2002 10:07:46 PM
From: teevee	Read Replies (1) of 116796

Allright all you gold bugs...feast on this: Asian Gold opens hits $347 !!!! link > by: greenash_2 Long-Term Sentiment: Strong Buy 10/30/02 08:20 pm Msg: 40215 of 40216 UBS Warburg Precious Metals Daily Update 30 th October 2002 kitco.com “Gold: China’s first gold exchange began formal trade on Wednesday in a long-awaited launch marking a key step in the liberalisation of one of the world’s largest precious metals markets. The price of gold of 99.99 percent purity jumped in the first 10 minutes, hitting 92.38 Yuan ($11.16) almost immediately after opening at 83.98 Yuan per gramme, bank dealers told Reuters. Analysts said the Shanghai-based exchange was a turning point for China’s massive but insular precious metals market. The government has maintained a tight grip on the market since the Communist Party took power in 1949. Before Wednesday, the central People’s Bank of China acted as the sole intermediary between domestic gold buyers and sellers (Reuters).” Exchange rate 1 US$ = 8.2772 Yuan 1 oz troy = 31.103 gram or gramme Open 83.98 Yuan/gram = (83.98 / 8.2772) x 31.103 = US$315.57/oz 10 minutes later 92.38 Yuan/gram = (92.38 / 8.2772) x 31.103 = US$ 347.14/oz It is projected that the Chinese gold liberalization will increase global demand by 500 tpy. Today’s action in Shanghai is a portend of this.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next