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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG -- Ignore unavailable to you. Want to Upgrade?

To: Wade who wrote (1099)	12/1/2003 3:04:00 PM
From: Wade	Respond to of 48092

Is this the tail we are looking for? WGC holds talks to launch 'paper gold' Dubai \|By C. L. Jose, Staff Reporter \| 01-12-2003 The World Gold Council (WGC) is holding talks with a national bank in Dubai to co-operate on launching a gold accumulation plan. This would allow investors to open interest-bearing 'paper gold' accounts. Moaz Barakat, WGC managing director for Middle East, Turkey and Pakistan, said talks with the bank are nearing completion and a decision can be expected soon. At present, this facility is not offered by any bank in the Gulf although it is available elsewhere. "This scheme exists in countries such as Japan, Turkey, Singapore and Korea," Barakat said. "Not only can the investors keep their gold safe with the bank, but they will receive a small interest on gold deposits they keep with the bank," he added. The plan will also allow the bank to make money through trading in gold. National Bank of Dubai, Mashreqbank, National Bank of Fujairah and Standard Chartered Bank deal in gold. Barakat said an increasing number of investors are shifting into gold from traditional assets such as equities and debt instruments. He said: "The stock markets have been rendered unpredictable and deposits with banks are not remunerative in view of the record low interest rates." "The unfavourable geo-political situation in many parts of the world has also helped gold become the most sought after asset class." The gold price has scaled new seven-year highs in the past couple of weeks. A WGC statement said the gold price in the third quarter of this year averaged $363 an ounce, or $16 higher than the previous quarter. Prices ranged between a low of $312 an ounce to as high as $401 an ounce, with just over 30 per cent of mine production during the quarter delivered at prices lower than spot. WGC said that gold miners have increased their unhedged gold production this year in view of expectations of a higher gold price. · Dollar fall puts pressure on GCC economies · Etisalat cuts international call rates · Exchanges open accounts with Central Bank · German official accuses China of counterfeit scam · menaJet to launch its services in early 2004 · WGC holds talks to launch 'paper gold' · Italy rapidly becoming major trading partner with Dubai · Garment exports at an advantage · Deadline set to apply for DSF support sponsorship · Currency dealers, traders in a daze · Companies seek refuge in dollar invoicing · Bourses to get common data screen · Banks cut foreign assets as local business climbs · Philippines cracks down on forgery of sea certificates · Regional airports have $5b worth of projects underway · View from Delhi: Indians may now move into R&D · GCC Insights: LNG offers an alternative economic lifeline for Oman