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Dubai setting up gold exchange in one week

 
Anonymous Coward
User ID: 508680
United States
09/22/2008 09:14 PM
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Dubai setting up gold exchange in one week
according to a dealer i spoke w/ today... any links anyone?
Fescado

User ID: 164710
United States
09/22/2008 09:17 PM
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Re: Dubai setting up gold exchange in one week
DME may launch Comex gold futures look-alike
Dubai: Sun, 14 Sep 2008


The Dubai Mercantile Exchange (DME) may launch a gold futures contract similar to one traded on the Comex division of the New York Mercantile Exchange (Nymex), its chief executive said on Sunday.

Dubai is a long-established market for gold bullion as well as wholesale and retail jewellery.

The new contract would be the latest salvo in a battle for the region's derivatives market between the DME and local rival the Dubai Gold and Commodities Exchange. The DGCX launched the region's first gold futures contract in 2005.

The DME hosts trade in oil contracts that were launched last year. The DGCX launched its own oil contracts this year that compete with the DME for investors looking for exposure to the energy markets.

Gulf investors have shown interest in having easy access to a contract similar to Comex's, Thomas Leaver said in his first interview since officially taking the helm at the DME on September 1.

'We were approached by customers, and those who trade DGCX as well, who asked us to do a Comex look-alike gold contract that is deliverable in Dubai,' Leaver said. 'That is what we are looking at.'

He declined to give a timeline for the launch. At present, the region's physical gold traders use the DGCX and other international exchanges such as New York's Comex or Tokyo Commodities Exchange.

Nymex, the Oman government and Dubai's state-owned Tatweer each hold a 25 per cent stake in the DME.-Reuters
 Quoting: [link to www.tradearabia.com]

*yar har fiddley dee
plunder the market 'cause a pirate is free*
Anonymous Coward (OP)
User ID: 508680
United States
09/22/2008 09:19 PM
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Re: Dubai setting up gold exchange in one week
still looking for confirmation from what i heard from a guy over at monex... but here's this

UAE. Dubai Group, an investment company managing more than US$40 billion on behalf of Dubai's ruler, plans to buy as much as an 18% stake in gold miner Citigold Corporation, its first investment in Australia.

The stake in Citigold will be bought by Dubai Group company Dubai Ventures Group, and "the capital injection is expected to add significant strength to its production capabilities and thereby boost gold production in the future,'' Dubai Group said in an e-mailed statement today.

Dubai Group did not disclose the value of the stake, although the shareholding is worth US$27.2 million at the current market price, according to Bloomberg calculations.

Dubai Group, which includes seven units with interests spanning asset management, conventional and Islamic banking, private equity and insurance, was set up as part of Sheikh Mohammed Bin Rashid Al-Maktoum's plan to diversify Dubai's economy.

Dubai Ventures Group's investments to date include a 10% stake in Hong Kong's Sun Hung Kai Financial and a 5% holding in India's Bharat Hotels.

The planned stake purchase "reflects our long-term view on gold'' and our expectations of improved returns from Citigold's plans to increase production to 250,000 ounces a year by 2011, Abdulhakeem Kamkar, Dubai Ventures' Group CEO said in the statement today. The stake will also enable Dubai Ventures to tap into a "lucrative niche segment'' which the two companies are looking to exploit.

Citigold, also listed on the Dubai International Financial Exchange (DIFX), has an estimated 10 million ounces in ore deposits and produces gold from Australia's goldfield at Charters Towers in North Eastern Australia, the company said in the statement.
Anonymous Coward (OP)
User ID: 508680
United States
09/22/2008 09:21 PM
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Re: Dubai setting up gold exchange in one week
thanks for the article
khnum
User ID: 455005
Australia
09/22/2008 09:21 PM
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Re: Dubai setting up gold exchange in one week
The golden rule for the financial future may well be he who has the gold makes the rules-look at arab gold reserves they've been hoarding for a rainy day for 30 years.
Anonymous Coward
User ID: 508532
United States
09/25/2008 04:59 PM
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Re: Dubai setting up gold exchange in one week
did they say what currency the contracts would be denominated in?
anonymous
User ID: 510704
United States
09/25/2008 05:36 PM
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Re: Dubai setting up gold exchange in one week
still looking for confirmation from what i heard from a guy over at monex... but here's this

UAE. Dubai Group, an investment company managing more than US$40 billion on behalf of Dubai's ruler, plans to buy as much as an 18% stake in gold miner Citigold Corporation, its first investment in Australia.

The stake in Citigold will be bought by Dubai Group company Dubai Ventures Group, and "the capital injection is expected to add significant strength to its production capabilities and thereby boost gold production in the future,'' Dubai Group said in an e-mailed statement today.

Dubai Group did not disclose the value of the stake, although the shareholding is worth US$27.2 million at the current market price, according to Bloomberg calculations.

Dubai Group, which includes seven units with interests spanning asset management, conventional and Islamic banking, private equity and insurance, was set up as part of Sheikh Mohammed Bin Rashid Al-Maktoum's plan to diversify Dubai's economy.

Dubai Ventures Group's investments to date include a 10% stake in Hong Kong's Sun Hung Kai Financial and a 5% holding in India's Bharat Hotels.

The planned stake purchase "reflects our long-term view on gold'' and our expectations of improved returns from Citigold's plans to increase production to 250,000 ounces a year by 2011, Abdulhakeem Kamkar, Dubai Ventures' Group CEO said in the statement today. The stake will also enable Dubai Ventures to tap into a "lucrative niche segment'' which the two companies are looking to exploit.

Citigold, also listed on the Dubai International Financial Exchange (DIFX), has an estimated 10 million ounces in ore deposits and produces gold from Australia's goldfield at Charters Towers in North Eastern Australia, the company said in the statement.
 Quoting: Anonymous Coward 508680

ARABS USE shell companies ALSO. AND have been buying in Australia..opec member state bought out a family owned Minerial company for 11 or 12 Billion 5 months ago.VERY VALUABLE MINEREAL PRODUCED IN AUSTRALIA..MUSLIMS ARE STILL RACING TO MAJORITY CHRISTIAN COUNTRIES....ASK YOUR SELF WHY?..MUSLIMS WILL DEMAND MANY SEPARATIST ENCLAVES AS TIME GOES ON. THESE ARE MUSLIM GOALS FOR THE FUTURE IN ALL HOST NATIONS..ALREADY HAPPENED IN HOST GLOBAL NATIONSALONG WITH SEPARATIST CIVIL COURTS WITH FUTURE GOALS OF FUTURE SEPARATIST CRIMINAL COURTS AND SEPARATE GOVERMENT....
Anonymous Coward
User ID: 510742
United States
09/25/2008 05:38 PM
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Re: Dubai setting up gold exchange in one week
why not they already call it "the golden city"

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