You are here
Imaginary gold, silver, and copper to trade on Singapore exchange
Singapore's SMX Launching Copper, Gold, Silver Trade
By Nick Trevethan
Reuters
Tuesday, April 13, 2011
http://www.reuters.com/article/2011/04/13/commodities-smx-idUSL3E7FD03Z2...
SINGAPORE -- The Singapore Mercantile Exchange will launch cash-settled gold, silver, and copper futures contracts on April 15, the exchange said in a press release, which may carve out a new market for speculators seeking arbitrage opportunities.
The exchange "will begin trading cash-settled gold, silver, and copper futures contracts from April 15, 2011, in contract sizes of 100 troy ounces, 5,000 troy ounces, and 5 metric tons, respectively," the exchange said in the note.
SMX, controlled by India's Financial Technologies, has previously said it plans to launch a cash-settled iron ore futures contract, based on the iron ore index by data provider Metal Bulletin which uses a 62 percent iron content benchmark.
... Dispatch continues below ...
Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit,
Extending the Mineralization of the Southwest Vein on the Property
Company Press Release, October 27, 2010
VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:
-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.
-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.
-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.
Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.
"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."
For the company's full press release, please visit:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
Currently the exchange, which began trading on Aug. 31 2010, offers physically deliverable euro-denominated gold futures as well as euro-dollar and oil futures.
Traders said the copper contract might gain attention.
"The copper contract looks very interesting. If it develops sufficient liquidity, we could see a golden opportunity to arbitrage between this new contract and the LME-SGX minis," a Singapore trader said. "We'll keep an eye on the gold and silver offerings too, but I am less confident of success there."
In February, the Singapore Exchange (SGX) launched small-sized, cash-settled metal futures with the London Metal Exchange.
"We are also confident of gaining the attention of arbitragers, algorithmic, and high-frequency traders to use our low-latency, robust, and scalable trading platform," SMX CEO Thomas McMahon, said.
But the trader said an arbitrage opening was not guaranteed. "Arbitrage relies on market inefficiencies to cause prices to fall out of step," he said. "Both SMX and SGX say their platforms are fast and the contracts are cash-settled."
"That may mean any arbitrage opening will be narrow and short-lived. That may make it a playground for the algo-guys, but not necessarily for us. We will have to see."
* * *
Join GATA here:
An Evening with Bill Murphy and James Turk
Sponsored by Deutsche Edelmetall-Gesellschaft
Friday, April 29, 2011
Hofbrauhaus, Munich, Germany
http://www.goldmoney.com/munich-2011-april-29.html
Gold Rush 2011
GATA's London Conference
Thursday-Saturday, August 4-6, 2011
Savoy Hotel, London, England
http://www.gata.org/goldrush2011-london
Support GATA by purchasing gold and silver commemorative coins:
https://www.amsterdamgold.eu/gata/index.asp?BiD=12
Or 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
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
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:
The Gold Standard Now: It Can Work
Today a dollar is worth 80 percent less than it was 40 years ago, and less than 5 percent of its value a hundred years ago. We deserve a dollar that is as good as gold, a dollar that will hold its value from year to year so we can be financially secure and our economy can generate more and better jobs.
For most of America's history, our dollar was literally as good as gold. But on August 15, 1971, our politicians destroyed the link between gold and the dollar. They destroyed the foundations of our economic system.
A new Internet site, TheGoldStandardNow.org, provides news and cutting-edge analysis about this most important issue and explains how the gold standard worked in the past and how it can work in the future. Visit us today:
http://www.thegoldstandardnow.org/about/137-welcome-newsmax
