E-trade of gold bars begins Aug 2
KOLKATA: Nationwide Spot Exchange Limited (NSEL) and Shree Ganesh Bijouterie House Limited (SGJHL) would launch electronic trading of gold bars and coins from Aug 2, a communiqu said here on Saturday.In the first phase, SGJHL would sell imported London benefit delivery bar with a minimum booking volume of 1 kilogram and 0.995 percent guilelessness. London good delivery bar is a bar of gold or silver, which meets the yard goods delivery rules for gold or silver bars published by the London Bullion Shop Association.
SGJHL would also soon look at expanding its inferior to other states in collaboration with NSEL and also offer 0.999 percent uninfected gold. SGJHL is an appointed canalizing agency for the Indian regulation with the requisite authorization to import gold.
SGJHL would maintain a minimum corpus of 150 kg of gold at any confirmed point of time for the trade, it added.
Goldline, Glenn Beck, & the California investigation
Last week, ABC’s investigative anchorwoman Brian Ross broke the story on Nightline that the municipality attorney of Santa Monica, Ca., in conjunction with the Los Angeles Department Attorney's office, is conducting an investigation into the business practices of Goldline Global. The Santa Monica-based Goldline is the subject of more than 100 complaints, according to exposed reports. The story garnered substantial attention since broadcasters Glenn Beck, Mike Huckabee, Fred Thompson and other intoxication-profile conservatives are paid endorsers of the firm. As if the California quest was not enough, Rep. Anthony Weiner (D-N.Y.) plans to conduct his own investigation, as well.
A small background is needed here to lay the foundation on why the problem of gold coin dealers continues to be an consummation year after year. Unlike most investment firms, gold specie dealers do not require any licensing and are very sparsely regulated. What makes matters worse is that the widespread public has no point of reference on which to rely in determining the value of a stamp in which they may be considering investing.
The complaints against Goldline seem to revolve around an supposed bait and switch tactic. The complaint is that individuals interested in purchasing gold were pressured into buying pass gold coins instead. Gold dealers offer basically two types of investments: gold bars (and bullion) and so-called old-fashioned gold coins. The value of an antique gold coin is largely in its numismatic, or connoisseur’s, value, and not based as much on its gold content. The problem is that dealers will impediment a premium of 50% or more of the actual wholesale value of the conceive. Not to get too complicated here, but it should be pointed out that there are some gold coins that have well-established values and are considered as rightful of an investment as gold bars (also known as bullion). These coins would include the Canadian Maple Leaf, South African Krugerrand, and American Eagle. The value of a gold bullion currency is based almost entirely on its gold content and not on any intangible collectible value. The most productive way to buy physical gold would be to purchase gold bars or bullion, not antique gold coins.
Gold bars are displayed in Tokyo. The uninterrupted ascent of gold in recent months -- it is up more than 15% since April -- partly reflects a coinciding slide and more »
There's Gold in Them HillsI Unpleasant, Vending MachinesYou guessed it: gold bars! You can buy one-gram gold bars, 10-gram bars, and even gold coins. The prices will downs by the hour just like the price of
RediffThe society said any investment in gold should not be at high cost and the best way to buy was to get .999 spotlessness gold bars directly from Singapore or Gold likely to touch Rs 18000 per 10 gm by Diwali: Assochamall 28 dirt articles »
