Hong Kong Mercantile Exchange begins offering of yuan-denominated gold future today

First physical gold delivery right beneath the Hong Kong airport the new Hong Kong Mercantile Exchange starts offering today yuan-denominated and dollar - denominated gold futures this is the first time that future contracts with gold are offered with physical delivery unlike of what is happening in the COMEX , this is a new different market that should appeal to the asian investors in particular. The Industrial & Commercial Bank of China-backed bourse plans to introduce dollar silver futures by June after trading of dollar-denominated gold futures begins today, Albert Helmig, president of the exchange, said. China is promoting the use of the yuan in global trade and investment to reduce its reliance on the dollar.







Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)

Eric Sprott : I am a buyer of Silver today and tomorrow

Max Keiser guest Eric Sprott on commodities prices  (12May11)

Eric Sprott : I have always looked at silver and gold as a situation where the demand will exceed the supply and when I looked at gold in the last decade we had a great change from the demand side which central banks used to be sellers and became buyers we used to have no ETFs now we have ETFs we used to have mining companies with hedge now they do not hedge and the shifts in ownerships have been dramatic in a market where we really seen no rise in supply in the case of silver what really turned me on about 12 months ago was as we witnessed people buying silver , you realize that there would not be enough silver to buy and as examples the US mint today sells as many dollars of silver as dollars of gold when you realize that silver trades at 40 to one ratio means they are buying 40 times physical ounces of silver as they are buying gold , when we sold our gold ETF we raised 440 million when we sold our silver ETF we raised 550 million , James Turk of Gold money he sells more dollars of silver than gold we have a little company called Sprott money that sells gold and silver coins we sell way more dollars of silver than gold , and so here we are in a situation where the prices are 40 to one but the dollars going into it are almost dead equal so I can't see the price ratio staying in this range ...we have been a net buyers of silver everyday , I'll be a buyer of silver today , I'll be a buyer of silver tomorrow so we have not lost any faith to what happened to silver ...I have no fear of silver here , yes it will be parabolic but it will be more parabolic than we have today , I have always thought that silver would trade at 60 to one ratio in terms of prices to gold to make it simple if we measure the gold at $1600 that would suggest that silver could go to $100 I think it might even over shoot downside may be trade as much as 10 to one and the reason I think that is that I believe that gold today is the de facto reserve currency silver has always been a currency people are treating it as a currency , it is a very very small market there is no way that with roughly 50 billion dollar of silver inventory around that we can make it a currency at these price levels so I see the price going much higher ....







Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)

Robert Kiyosaki : $200 Silver not out of line

Robert Kiyosaki is not buying Gold and Silver right now but he is still bullish on them : No , but that does not mean I am not bullish on Gold and Silver , the problem with Gold and Silver I say it again I can't borrow money to buy three million dollar worth of gold I have to use my money I won't use debt , other people's money , number two there is no cash flow from that I don't have income from it so and If I have to sell it I have to pay 28 percent in tax , I'd rather put my money on oil project where I got 28 percent tax break right away , that makes more sense to me , at the same time I am still now investing in copper and natural gas because they are all time lows ...when something starts to move like gold and silver I am on to the next venture should I say , and I made my money in gold and silver , I made enough ....when asked if it is safer to buy silver now Robert Kiyosaki says : you should have bought it when it was three bucks that's when I bought so...look I want to say this : I do not like gold and silver simply because of the tax issue in it , if you buy an ETF like SLV or GLD you pay 28 percent tax that's because the government does not like gold and silver because they rather have you play with their dollars their fraudulent US Dollars the counterfeit money , so gold and silver is good and when I say to most people who don't now anything , gold and silver are better than saving money cash , another thing is this , when I look at the world I look at ten year increment here's 2010 going into 2020 those ten year period , in those coming ten years 85 million baby boomers start to retire that's approximately a hundred trillion dollars in social security and medicare the question I have for you : can Obama or the US Congress and the senate can they solve a hundred trillion dollars deficit , I say no they can't so that's why I'll continue to buy gold and silver if I have an extra cash that's what I do ..I love my country I just do not trust my leaders I don't think they are going to solve this problem democrats republicans independent Buddhists christian Hindu Jewish I do not care they can't solve this problem ...China is in a massive problem right now ...so it is not what the politicians are gonna do , it is what you gonna do about it right now , so if you don't know much Gold and Silver are pretty safe bets but not from the tax side from the capital gain side simply because the United States is in a very serious financial trouble and I do not think republicans or democrats are gonna fix the problem...I think we are going down , I think the dollar is going to dive and that's why I am in oil production I am in rental real estate because people have to have a roof over their head and silver has already made its move but it still has more to go I think I do not think 200 dollars silver is out of line but I have already bought it at 4 dollars ,5 dollars 7 dollars I bought as high as 17 dollars then I stopped if you read my blogs I said buy Silver under twenty and sure enough in the last year it has got up a 145 percent went right past twenty...











Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)