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Gold Trading

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GOLD TRADING

SUMMARY:
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a hedge or harbor against economic, political, or social fiat currency crises. The gold market is subject to speculation as are other markets, especially through the use of futures contracts and derivatives. Gold price has shown a long term correlation with the price of crude oil. Indian measures to discourage gold imports is shutting the door on top exporter Dubai, where trade activity has fallen by as much as 60 percent over the past two months. The gold standard was also an international standard determining the value of a country's currency in terms of other countries' currencies. Because adherents to the standard maintained a fixed price for gold, rates of exchange between currencies tied to gold were necessarily fixed. Each market have their own operating times depending on the time zones and this means that gold can be traded more or les around the clock. There is much trading between the markets as a result.
INTRODUCTION:
Gold has been a sign of wealth and social position in many societies since it was first used as currency. Today gold is still an important material of trade and business. Countries value gold as a measure of wealth and a base of exchange. Individuals value gold as insurance because paper money is not always certain. Gold continues to have effects on world financial markets today and will into the future. From the 1980s on, computers and technology have influenced the development of the Forex market. Today, traders and brokers all over the world can exchange currencies in the market. Gold is now considered as a currency like any other currency and can be traded as such. Its value or gold trading price is expressed in terms of the US dollar – that is how much gold you can buy or sell for one US dollar.

MAJOR IMPORTS:
The truth behind the saying "never let a crisis go to waste" transcends both time and space, and it most certainly has no problem crossing the border into India, which over the past weeks has found itself in full monetary crisis, and whose currency is plunging to fresh record lows on a daily basis forcing its central bank to scramble with tightening This may be the nuclear option: its central bank, starved for dollars, is considering every initiative to procure short-term dollar liquidity to fund massive USD-denominated investor withdrawals out of the country, which as hammering the Indian Rupee, and which if unmet, threatens the entire financial system in the country.
GOLD IMPORTS INTO IRAN: There is no suggestion that the gold trade means Dubai is violating international sanctions against Iran. United Nations sanctions ban shipments of nuclear-related materials to Iran and freeze the assets of some Iranian individuals and companies, but they do not prohibit most forms of trade.
Turkish trade data confirms the gold is being transported to Dubai by air. $1.45 billion of Turkey's total gold exports in August were shipped through the customs office at Ataturk airport's passenger lounge. Almost all of the rest, $800 million, were shipped from Istanbul's smaller Sabiha Gokcen airport.
Turkey's total exports of all goods to the UAE totaled $2.2 billion in August. Of that amount, $1.19 billion were registered at the Ataturk passenger lounge, while $776 million were registered at Sabiha Gokcen.
The maximum amount of gold bullion which a passenger is allowed to take is 50 kilograms (110 pounds). This suggests that during the month of August, as many as several hundred courier trips may have taken gold to Dubai on Iran's behalf.
The trade data shows almost $1.4 billion worth of Turkey's August exports to the UAE came from a company or companies with a tax number registered in the coastal city of Izmir, Turkey's third biggest.
DOLLAR REPLACEMENT:
Precious metal analyst and mining executive, announced that the global economies of Asia, and other parts of the world, are preparing for a new trade settlement note to replace the dollar in international transactions. What is projected to be called the Gold Trade Note to replace the U. S. dollar, this form of credit will carry the same protections that the currency does, but will use a gold backed system of currency that will bypass the dollar, the Bank of International Settlement (BIS), and most centrally controlled fiat currencies.
The final blow to the US Dollar will come from standard non-energy trade being settled outside any US$-based terms. The practice is accelerating, initiated in Asia, but spreading westward fast, urged along with a giant push in response to the Iran trade sanctions. Every action brings about an equal and opposite reaction.
China, along with several other Asian trade partners, has already begun exchanging goods and services outside of the U.S. dollar, both in oil, and in other products and resources. In September of 2012, China opened the first global oil wholesale markets which bypasses the dollar, and allows nations around the globe to buy and sell oil in currencies other than the reserve. Additionally, the Asian conference, which took place in December between 15 Asian countries, and representing over three billion people, set forth new regional trade agreements and established the creation of a new lending facility specifically meant to compete with the IMF.
However, to create the foundation for a new means of international trade, and lines of credit which is to be backed by gold, silver, or other precious metals, nations must have a readily available store of the commodity to buy and sell Gold Trade Notes. To accommodate this, China has been working hard to melt down their growing stockpile of gold into 1 kg. Ingots, which they can easily use to collateralize gold based trade note, or even in the future, a new gold backed currency.
As the Federal Reserve continues to devalue the dollar, and global inflation is forcing many countries into a new currency war, the foundations of a new international trade note is nearing completion, and ready to replace the U.S. dollar at any given moment or monetary crisis. When you look at the continued zero interest rate polices (ZIRP) that the Fed and Euro Zone are imposing on their own currencies, it is only a matter of time before a large portion of the global economy completely disconnects from the dollar, and creates a monetary vacuum that China, and other Asian economies, is ready to fill.
IMPACT ON DUBAI GOLD BY INDIAN IMPORT TARIFFS:
With gold the most expensive non-essential item on India's import bill, the country's government, in moves to curb a bulging current account deficit, hiked the duty on gold bullion imports three times this year to a record 10%, while increasing the import duty on gold jewellery to 15 %.
Pakistan also suspended a duty-free gold import arrangement in August after purchases soared in the first half and topped $514 million in July alone, citing smuggling into India. The ban was lifted in September, but trade has remained subdued.
Overall, Dubai gold trade is down by 60 percent as a result of the Indian move and a swathe of paperwork and laws introduced by Pakistan recently, which make it very difficult to ship gold there.
More than 25% of the world's physical gold passed through the emirate in 2012, with the value of gold traded reaching $70 billion.
India, the world's biggest gold market, is Dubai's top trading partner for gold, accounting for around 50% of its total gold exports. In the first half of the year, Dubai's exports of gold and jewellery to India stood at $21 billion, some 10% above last year's figure.
Even once imports have re-started, we will not see the same kind of volumes that we used to see earlier.For now, there is a new imports model, which is quite complicated, and nobody still has a clear understanding on how to execute that.
SCRAP SALES
A sharp rise in Indian gold prices, which reached an all-time high above 35,000 rupees per 10 grams in August, also attracted a lot of scrap jewellery selling from the domestic market, which would have curbed imports from traditional suppliers Dubai and Switzerland.
Even if there was no imports control, there wouldn't have been much in terms of exports into India as you had a lot of old jewellery being resold within the country.
But a higher gold rupee price compared to the cost of jewellery in the United Arab Emirates (UAE) is seen by some to be to Dubai's advantage, as it could increase demand from Indian expats living in the Gulf, who would usually buy gold in India.
With a 15% import duty on jewellery, gold in Dubai becomes much cheaper, and traders think that should be positive for Dubai's jewellery demand, but Dubai is not a huge consumption market.
India's measures are however unlikely to dampen local consumers' appetite for the metal in the upcoming wedding and festival season and are conversely seen creating a big incentive for smuggling, which could help Dubai's trade.
Ultimately (in the next 6-12 months) a lot of Dubai-based Indian companies will manage the gold imports here and then bring the gold from here directly into India through whichever means necessary.…...

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