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Blanchard CEO Doyle sees gold at $800 this year, $1,000 in two years
From RIA Novosti News Agency
Monday, May 22, 2006
http://en.rian.ru/russia/20060522/48434383.html
MOSCOW -- The Russian Trading System, Russia's premier stock market,
announced Monday that it would start trading in gold, oil, and oil
products on June 8.
The announcement comes in the wake of President Vladimir Putin's
state of the nation address May 10, when he said Russia, as a
leading oil-exporting nation, should establish its own oil exchange
to trade crude and petroleum products for rubles.
"The first trading in contracts for gold will commence in Russia on
June 8," the RTS said in a statement.
The stock exchange also said it would start trading in futures and
options on oil and oil derivatives, including Urals-brand diesel
fuel, jet fuel, and fuel oil. Trade will be in rubles based on
prices calculated by the Platts agency. The settlement period for a
contract is one month and the minimum security guarantee on a
contract is 10 percent of its overall value.
The derivatives section of the RTS, known by its Russian acronym
Forts, will trade futures and options on gold in rubles based on the
London Stock Exchange evening fixing rate. The settlement period for
a contract is one month and the minimum security guarantee on any
contract is 5 percent of its overall value.
The statement said RTS would collect a 1-ruble commission for each
concluded contract.
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