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To: russwinter who wrote (1206)	10/2/2003 8:41:48 PM
From: ldo79	Respond to of 110194

Picked this up off TheBullionDesk. Thought the "illegal routes" was a nice touch. ================================== Gold futures trade on NMCE from Oct 3 Thursday, 02 October , 2003, 12:07 The online Gold futures trade on the National Multi commodity exchange of India (NMCE) will be launched on Oct 3 by Union Minister for Consumer Affairs, Food and Public Distribution, Sharad Yadav at New Delhi. With this launch, India, the world's largest consumer of the yellow metal will join the ranks of leading international commixes like New York mercantile exchange (NYMEX) and Tokyo Commodity Exchange (TOCOM) giving its jewellers, exporters and banks engaged in bullion trade, the benefit of hedging against price fluctuations, Geojit, Managing Director, C J George, told reporters last night. The online gold futures trade on NMCE is being launched on Geojit's online commodity futures trading terminal. George said gold futures trading in India is aimed at making it the gold price-determining country for the world's gold market. India is the world’s largest consumer at 800 tonnes. Though some players in the bullion market hedge their positions on international commixes, a large number of them do so through illegal routes, he said. On any give day, Indian bullion traders and speculators hedge and speculate in gold futures to the extent of Rs.1000 crore. The size of the gold jewellery market in India is estimated to be around Rs.40,000 crore plus. Gold futures is being launched after a gap of 41 years in India. Geojit has been instrumental in popularizing online commodity futures trading across India on NMCE through its subsidiary. ============== Regards, ldo79