Spot Gold | Thai traders say <b>spot gold</b> exchange requires more study | Gold Anti <b>...</b> | News2Gold |
| Thai traders say <b>spot gold</b> exchange requires more study | Gold Anti <b>...</b> Posted: 18 Aug 2014 07:07 PM PDT By Nuntawun Polkuamdee http://www.bangkokpost.com/business/news/427460/traders-spot-gold-exchan... Despite a mutual agreement in principle between the market regulator and gold traders, a gold exchange will not start operating this year, gold traders say after a discussion yesterday. The seven dealers -- Globlex Holding Management, Classic Gold Futures, GT Gold Bullion, YLG Group, Ausiris, MTS Gold, and Hua Seng Heng Commoditas -- control 90 percent of the country's gold trading market in terms of both physical gold and gold derivatives markets. Gold Traders Association chairman Jitti Tangsithpakdi said even though each GTA member expected gold trading to decline without a local spot gold market, details about trading, the management structure of the exchange and regulation still required further study. ... Dispatch continues below ... ADVERTISEMENT Free Storage with BullionStar in Singapore Until 2016 BullionStar is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore. BullionStar's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in BullionStar's bullion vault, which is integrated with BullionStar's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore. Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter. For more information, please visit Bullion Star here: "Building a spot exchange is quite sensitive, so we need to be careful and seriously discuss the matter with all traders," he said. Mr Jitti said it would take more than six months for an exchange to be ready for operation, but it is essential if Thailand wants to maintain its leading trading position in the region. Thailand has had the world's fifth-largest gold futures board and been ASEAN's largest gold importer for two years now, but Singapore last year introduced an unofficial gold exchange that is gaining ground. Early next month, the SET and the GTA will visit the Shanghai Gold Exchange, a non-profit and self-regulating exchange in China, following a recent visit by the gold traders to Hong Kong's century-old bullion exchange. "The Hong Kong gold exchange is the largest bullion trading board in Asia-Pacific at 500 times Thailand's trading volume, so we can learn from them," said Mr Jitti. SET president Kesara Manchusree said her bourse would design the initial model for the new exchange by adapting the operation and management structure of the advanced Chinese markets, but some details would be adjusted to fit Thailand's more liberal environment. "We expect to see a clear structure for the gold exchange this year," she said, adding that the traders still had some conditions requiring approval from all stakeholders. Mrs Kesara said the gold exchange was part of plans to develop the commodities and derivatives markets in terms of product variety and trading values. The idea to set up a spot gold exchange in Thailand was initiated last year by the Bank of Thailand to regulate physical gold trading after it found discrepancies between spot market trades and the US-dollar value of transactions. Join GATA here: Casey Research 2014 Summit http://www.caseyresearch.com/summit/2014-fall New Orleans Investment Conference https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520... * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:  |
| Technical Analysis: <b>Spot Gold</b> | Live Trading News Posted: 22 Aug 2014 12:26 AM PDT  Spot gold closed lower Thursday, the low range close sets the stage for a steady to lower opening when Friday's session opens in the US. Stochastics and the RSI are turning Neutral to Bearish hinting that a shortterm top might be in or close to in. Closes below the 20-Day MA crossing will confirm that a short term top is in. If Spot Gold renews the rally off of its August lows, the 38% Fibo retracement level of the 2011-2012 decline crossing is the next Northside target. In the Asian session, at GMT0300, Gold is trading at 1279.5, 0.14% higher from Thursday's US close. Gold is expected to see 1st support at 1271.67, a break there could push it to the next support at 1263.83. Gold is expected to see 1st resistance at 1289.07, a there could drive it to the next resistance at 1298.63. The precious Yellow metal is showing convergence with its 20 Hr MA, and trading below its 50 Hr MA. Recommendation: The outlook is negative, sell Spot Gold below 1285.15, risk-limit above 1296.60. Stay tuned… HeffX-LTN Paul Ebeling The following two tabs change content below.   Paul Ebeling is best known for his work as writer and publisher of "The Red Roadmaster's Technical Report" on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984. |
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