Dennis Gartman agrees with GATA, though not quite as much as he thinks

Section:

... at least until the Marines show up
in search of weapons of mass destruction.

* * *

Dubai-Based Gold Exchange Aims
to Rank Among World's Top Five

New Joint Venture with India
Sees Itself as International Hub

The Daily Star, Beirut
Tuesday, February 22, 2005

http://www.dailystar.com.lb/article.asp?
edition_id=10&categ_id=3&article_id=12855

The Dubai Gold and Commodity Exchange (DGCX), a Dubai-India venture
due to be operational later this year, could rank among the world's
top exchanges within five years, an official said Monday.

"Within three to five years, the DGCX can become among the first
five exchanges in the world," Jignesh Shah, managing director of
Multi Commodity Exchange of India Ltd (MCX), told Agence France-
Presse.

"MCX was launched 15 months back and has become the third largest
exchange in the world in bullion," said Shah, speaking on the
sidelines of the Third Dubai City of Gold Conference.

The DGCX, to be up and running in the second half of 2005, is a
joint venture between the Dubai Metals and Commodities Center
(DMCC), MCX and Financial Technologies (India) Ltd (FTIL), of which
Shah is chairman.

A memorandum of understanding was signed last year to create the
exchange in Dubai, a significant player on the international gold
market which provides a gateway to India, where 700 tons of physical
gold are consumed annually.

Officials have said the first contract to be listed on the exchange
will be the precious metal, to be followed by other contracts,
including silver, steel, freight, cotton and energy.

The DGCX is "well on track. We have finalized a membership model and
we have finalized detailed contract specifications," said Shah.

"Nothing can stop Dubai becoming like Hong Kong when China was
becoming liberalized," he said, applauding the Gulf emirate for
applying the "right strategies."

Dubai has what it takes to become an international hub, according to
Shah.

"It has a free economy ... it's between Tokyo and London in terms of
time zones, and its proximity to India" will all take the emirate
beyond being a regional center to one of world class.

Dubai, the self-styled "City of Gold," is a trading hub for 10
percent of the world's gold, which the authorities are hoping to
increase to 50 percent.

DGCX is a 50 percent investment by Dubai, 10 percent by MCX, an
independent and de-mutualized multi-commodity exchange, and 40
percent by FTIL, India's leading technology enterprise.

DMCC was set up in 2002 to establish a commodity market and promote
the emirate as a center for the trade of gold, diamonds and
commodities.

Resident companies are offered free zone benefits, including a 50-
year guaranteed tax holiday, 100-percent business ownership, full
ownership of business premises and a regulated environment.

The DMCC on Saturday announced gold related Islamic financing with
an intended principal amount of at least $200 million, a first for
the region. The proceeds will be used to fund the development of
market infrastructure for the DMCC free zone.

The planned infrastructure includes construction of three towers.
The DMCC financing is intended to be three to five years and has an
anticipated financial close by the end of April 2005.

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----------------------------------------------------

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