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Hong Kong exchange starts silver futures Friday
From Reuters
Monday, July 18, 2011
http://af.reuters.com/article/metalsNews/idAFL3E7II0W920110718
SINGAPORE -- The Hong Kong Mercantile Exchange (HKMEx) said on Monday it will start trading a dollar-denominated silver futures contract on Friday, hoping to tap into the growing demand for the metal in China.
The silver contract will trade in lots of 1,000 troy ounces and be delivered in Hong Kong, the exchange said in a statement.
Silver demand rose 67 percent in China and 17 percent globally between 2008 and 2010, the exchange said, citing market data it has compiled.
... Dispatch continues below ...
Lewis E. Lehrman on How to Solve the U.S. Debt Problem
Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program.
Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust.
Lehrman says: "Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust."
To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit:
http://www.thegoldstandardnow.org/gata
"The new contract will enable buyers and sellers in China to trade effectively with their counterparts across the world, while allowing investors to gain exposure to silver price movements and broaden their investment portfolio," HKMEx president Albert Helmig said in the statement.
The exchange rolled out a dollar-denominated gold futures contract in May.
The exchange also plans to launch yuan-priced gold and silver futures to capitalise on growing investor demand for China's strengthening currency, with further ambition for products in base metals, energy and agriculture, Helmig told Reuters earlier this month.
Spot silver traded at $39.89 an ounce by 0707 GMT, down 19 percent from a record of $49.51 hit on April 28. The metal, notorious for price volatility, surged 60 percent earlier this year to the peak before dropping 33 percent over six sessions in early May.
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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
