launch of ny eft - increased demand for gold?

  1. 2,218 Posts.
    From today's market monitor on the US NBR program. I'm not exactly sure what 'gold commodity gold related products' are, but it makes interesting reading:

    KANGAS: What about buying the bullion itself? Will you favor that or do some of that?

    LEIBOVIT: I would, absolutely. In fact, next month supposedly there`s a new ETF coming on the New York Stock Exchange.

    KANGAS: Exchange traded fund, you mean?

    LEIBOVIT: Exchange traded fund, ticker symbol GLD. And that`s the World Council`s Equity Gold Trust. And from what I read, they`re empowered to buy about six million ounces of gold commodity gold related products. So there`s a lot of demand coming. I think gold is going to move up in anticipation of GLD starting to trade.

    KANGAS: Right. How high do you think gold can get on this move?

    LEIBOVIT: Well, you know, I don`t have a specific target. I`m looking at the XAU. But I think by the end of the year you could see anywhere from USD420 to 450.

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