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As copper''s price rises, penny''s melt value now exceeds its currency value
Press Trust of India
via The Hindu, Chennai
Sunday, January 29, 2006
http://www.hindu.com/thehindu/holnus/006200601290311.htm
CHENNAI -- The inclusion of gold in the Multi-Commodity Exchange
MCEX of India was the main reason behind the spurt in the prices of
the yellow metal in the country during the past six months, a
leading gold jeweler in the city said here on Saturday.
The inclusion of gold recently in the MCEX had resulted in some sort
of "gambling" by some individuals, who hiked the
prices "artificially," thus affecting the business of retailers and
goldsmiths, Madras Jewelers and Diamond Merchants' Association
President L.K.S. Syed Ahamed told reporters here.
Quoting an example, he said a particular merchant would "book" an
order for gold worth Rs 8 lakhs with the MCEX, for which he would
only pay Rs 40,000 as advance. He would "sell" the "booked gold"
when the prices went high, making a profit without even buying it
himself.
"The association is seeking legal advice on this issue of how to put
a full stop to this unhealthy practice. Either gold should be
removed from the MCEX or the buyer who booked the gold only over
phone should be asked to pay the entire amount in one go," Ahamed
said.
The annual transaction of the metal in India is estimated to be 900
tonnes, the highest in the entire world, and South India alone
accounts for 50 percent of it, with Tamil Nadu topping the list
among the southern states, he said.
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