Why do investors prefer trading in the forex market

This is due to the many advantages, including the majority of investors in forex trading
Most investors may create majorities in not forced to invent it in other markets such as forex
The Aruban order Ahakkoa dreams and Toham forex market in the trading of foreign commissions



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Money is the means by trading the rights and gains in trading in the forex markets
Investor trading commissions with every investor in order to Ahakk ambitions and successes in the
market
This commission did not find in the forex market is looking on the appropriate means to him and the
 easiest to trading market
Great emphasis in his work and to choose the way and this is of course not easy but needs course
This is not difficult, nor never too impossible to definitively appropriate for him to get to success and divide it
And Thakak suitable income for you to live an existence there is more than one way in order to reap profits
You success secured with the trading market for suitable for you and this method is very easy and ensures
Secured and easy one hundred percent for other commissions by trading in the forex market
Other trading, making investors Atholo to the Forex market is characterized by features packages to other markets Atjdhavy
In trading operations people may be looking because the easiest secured roads in the forex market
Opportunity for a new and suitable work is also about people and in fixed income or a job or anything about
Aisha is better than fatigue through trading commissions Bebgesoa additional income for them to live
Forex secured better than other companies much by trading markets and the best market

Definition of the forex market

Very easily absorbed and Eyekdm profit and benefit gap and the market is tired easy once everyone understands
Who does not have served as a function and this work better than any other for all and introduces an excellent income through trading
This is a very large market with a market that is very easy to work in a successful investment and secured roads
Different trading commissions by trading for a very excellent and enjoyed by more than a system in
They found one of the best trading companies in commissions by Alamlakh Alfruks company that proved

Here we ask a question and a very important Almsedkih complete with investors

Why Investors Ejehoa to trading in the Forex market in particular
World Wide Web has been reached in a way has been the spread of the forex market through the network
Online networks and the exchange of very fast and very easy commission for technological road
And has no time Maaana and Btaiqh you like you're anywhere via the Internet at any time, of course
Fox, which helps Alambtadiaa in the markets through appropriate trading method you through the trading market
In order to facilitate ways for people to start-ups in the trading market may begin only $ 100 minimum
And a giant competition for trading forex market Tdawal commissions Also at large companies
Forex same advantages and ease of trading them also, but did not find uniforms Market Company
That's why they prefer the fun beautiful vox market and for this reason may Adzb investor clients

Forex definition and exchange and currency trading

We also note the forex Tmad every day on more than the other central Amella Forex
Pench and businessmen 8% of the men are leaving their jobs and neglect Atmad high day after day for the other
Delusional forex market its size and simplicity of the possibility of profit ment means good Alsahlh and Adechlo profit vox and Tdool currencies Alajunbahoajml Xi Forex
He knows some rigid differences that pulls in mind some of the differences, and when he thinks anyone in vox and Iqanrnh market roads and markets afterlife
Basic and high liquidity, including the global currency may reach speeds available to financial volatility of the Forex is the most important Huntalm and we talk about the cost
Flanokhaadd stock market trading and Forex currency Balasouk and other ways, the most important
In the Forex trading and more people fail to trading stocks as an example when the person's name and circulation of this too as it happens
The natural system of trade that the trader takes a commission from the two parties of the trading system and then heading for a foreign currency trading, who are also their right to do so and ID style
I Btaaton with a broker Ahan earns you a commission amount of dollars, currencies and ID this when you are a trader in stocks was happening that too in general
When buying stocks, and when you also sells a percentage of the stock when it is sold also be for you a commission with each circulation of foreign labor, or a certain percentage of dollars per share ratio
We are talking about the foreign currencies of compromise Forex clients and brokers forex trading rather beautiful
Important than the supply and demand for the currency market as the guideline principles any market in this Altdol to Ichaelva anything before Manaraf account how important to know and understand Kues
Marafoh the dollar this required more than this value of the dollar rise above in the case of foreign commissions and all other Xi also supply and demand, even if demand more on the dollar, this commission
Meaning the price difference when you buy a commission from the broker What is the difference in the prevalence of commission
It also features Forex and when it sells Hikon in the difference between the buying and selling, and this profit ratio Lake
When the account Forex trading by type of account of the clients, middle Forex take from the account
Higher price because of the compensation arrived in the capital stock of the price difference is simple and in small accounts linked accounts
And who arrived in the trading price is very high and this takes profits

The concept of Forex

This means market foreign exchange commissions Srq is the abbreviation for the foreign exchange market
By individuals when the agent and ways of trading in the markets and foreign currencies when the number Mstrkyin with some, such as banks or large financial Amoosasat
Where they are through the Internet sale or purchase of commissions by Forex emerged in recent days and the gap is more important than online trading
And thus it makes this market the largest trading markets in the world via the Internet has spread more in the last few days and has become a circulation of many countries across the internet
Bs needed to make sure the company has Targes have high credibility and delusional Forex In recent days, many companies have emerged argument linking some customers
The company Forex-Tex Forqsn company provides foreign exchange commissions and trading Contracts for difference return
Is a company founded and grew up in the year 2003 headquartered in Cyprus
It operates under licenses ocm, a company which offers online trading service
This company and reached a number of awards and provide customer service in the scope of time
Greater availability of service to customers internationalized beginners to ease trading with them up to a $ 100 Edna

Hyundai Creta experience in 2016 launched the first global

Hyundai Creta experience in 2016 launched the first global
Hyundai Creta experience confirms that the world is witnessing an ongoing infatuation for SUVs in all categories, and that the Korean manufacturer is aware of this fact does not intend to leave the door 

open for rivalsHyundai Creta new experience was in the middle of the island of Mauritius in the Indian Ocean. Perhaps a strange place for the launch of a new car. But Hyundai Kreta is not any car, nor even like any other car at Hyundai. These compact car in the SUV category, designed and developed a special mixture to suit specific markets, where the mixture between small size, "the form of" four-wheel drive and attention to price versus quality. No wonder, then, that the car previously offered only in India, before the progress of the Arab markets and a few other markets around the world.
From the outside, it seems that the Hyundai design language, which it calls "design philosophy of the liquid 2.0 ?, succeeded in giving 'Kreta' look remarkable and dynamic enjoys a bold and distinctive personality. It is characterized by the introduction Creta Busbandtha with chrome grille consisting of three models and connects to the front lights of LED lamps equipped with class. In spite of that the design does not have a sense of adventure perhaps, but the lines polished for the car give a feeling of being versatile of the city sports car actually, especially with a curved roof, which gives Creta form mathematically dynamic line, complete with wheels ranges measured between 16-17 inches depending on the market . As the sophisticated background, it is granted Kreta"pause" prominent on the road and in general look stylish andyouth car.Inside, everything was in interior design to givemaximum passenger comfort levels. Cabin dimensions enableittoaccommodate five passengers sitting in the comfortable, and offers a wide space for the legs in the rear seats. In spite of such cars that compete in the category of the market price makes it a key factor, but Hyundai did not skimp on her new car. Hyundai Creta experience reveal a compartment characterized by internal space, while providing important additions You save the car seat electric driver, and the system of "ionized" air to purify the air and remove odors from Bluetooth Almqsourh.otava available for phone, as well as independent air conditioning vents in the back, which provides performance higher cooling, which is important in Africa and the Middle East markets. Hyundai Kreta are also available a range of the most advanced technologies in its class, including the touch screen measuring 5 inches with Radio Data System LCD screen (RGS) and rear camera, in addition to the smart key operating and clicking on the button. Hyundai is also equipped Kreta system to help the car corner, with rear-view camera with moderation relating to the display. Something else that struck me during the Hyundai Creta experience was a wide space in the luggage compartment, with rear seats folding, and additional storage space in the cabin.During Habondaa Creta experience on the roads of Mauritius, it seems clear that Hyundai focused on providing a solid body of the car to provide high safety levels in its class, may reduce the noise and vibration levels, making this the quietest hardcopy cabin in its class, thanks to the use of sound-absorbing material, with Insulators in the dashboard, and packing vibration resistant, and even a damper sound in the floor coating! Of course, Hyundai offers for Kreta high safety standards, is working on two fronts: prevention of accidents first with equipped with ABS and electronic distribution of power braking system, brake systems (EBD), along with a regular stability control (ESP) system Vehicle Stability Management (VSM). And secondly to minimize the damage in case of an accident, with six airbags that are available in Hyundai Creta, equipped with pretensioners seat belt system, to make Hyundai Creta safe for all passengers.
Hyundai Creta experienceHyundai Kreta available petrol engine with a capacity of 1.6-liter 123 horsepower strongly, related manual transmission or 6-speed automatic system. Kreta and will be available the option of paying two-wheel (2WD) along with four-wheel drive system (AWD). Reveal Hyundai Creta experience for high comfort levels, thanks to the suspension system with a pillar of type 'MacPherson' design (McPherson) and coil springs at the front axle pregnant accidental twisted at the back, and that contribute to strengthening the response to the direction and capabilities of cohesion and consistency. As for passengers who enjoy sitting in the quietest cabin in its class, the Kreta actually provide a very comfortable ride experience.Also include 'Kreta' on an electric steering system that works by birth (MDPS), giving the ability to soft and firm guidance of the vehicle and the best response when driving at different speeds. And while driving on mountainous terrain, drivers can take advantage of technical assistance in the rise of the hills Control (HAC), which allows the ability to secure the starting up over the mountain paths without reversing.In short, Hyundai Creta experience confirms that the Korean manufacturer knows exactly what requested by the public in this class of cars. Creta came Hyundai compact car, an excellent hotel located in this category, and an attractive design and spacious cabin, make it a unique option in this category. Add to all of this makes sense when the price of access to markets, and the reputation of Hyundai cars in high reliability and maintaining its value, and you'll find that Hyundai Creta probably entered into this category occupies her lead immediately.

Jaguar XF 2016: Cheetah experience equips its prey

Jaguar XF 2016: Cheetah experience equips its prey
Jaguar XF experience in 2016 in its second generation, confirms that the transition of Jaguar stalking the stage to the stage of direct confrontation, and it seems that the chase ended in favor of the 

British Cheetah!Jaguar XF 2016 experienceShortly before, I sat follow a program on the channel, "National Geographic" about predators in Africa, and how to infiltration behind their prey, and to exploit the element of surprise and speed to catch prey. The strange thing is, is that some animals sometimes feel the danger coming, but for some reason, maybe to slow or driven to the distance, ignoring the so-Fahad which sneaks slowly among the weeds. Of course that begins by running behind her! No need to clarify here that Fahd Jaguar is the meaning of this metaphor, and that German cars are prey taking place behind them. Of course that compete cars like the Mercedes C-Class and BMW fifth category and other luxury cars in this sector requires more than speed and skill to sneak lightly. But as demonstrated leadership Jaguar XF experience the Germans they should not underestimate the British Bafahad who looks his teeth and claws and speed, and a stronger and faster than ever before.But to understand why the Jaguar to involve themselves in the category of the market where fierce competition to take turn, we have to understand the history of the Jaguar, and the history of the Jaguar XF. Fjaquar, and we should not forget this, the company defines its identity, according to Ian Kallom, design director of the company, as a manufacturer of luxury cars with the character of sports cars. This identity that we see today, have been identified and defined at the launch of the model Jaguar C-XF checksum, which shifted in 2007 to the first generation of the Jaguar XF.Providing Jaguar XF in the first generation moved the company to a new class, had disappeared among the cars probably since the cessation of the production model "Mark II" in the sixties. The problem, or the real challenge, that was a real Jaguar XF had to be a lot of things at one time. They are that define the new design language the company, the first sedan has a medium, which also serves as a four-door coupe the company, which is also the cheapest car company, and is therefore directed towards the wider public. Of course not to forget it everyday sports car that proves that Jaguar is still a true sports car company.Jaguar XF 2016 experienceThere is no doubt that the first generation of Jaguar XF succeeded in his mission to the fullest. Sales numbers refer to the universal acceptance of the model, and the identity of the new Jaguar was installed and the launch of several new models in the all carry their own some of the Jaguar XF genes DNA. Aftraz current XJ, and the new smaller model XE, both condemning one way or another to the XF model lines in terms of the design of public and personal. The same applies to the Jaguar F-Pace next four-wheel drive. But on the other hand, it was at Jaguar have to do some sacrifices to lead the car tasks required of them. Lines are outside the car was to some extent on the expense of the cabin space. The lack of a wide range of engines identified the strength of its rival, especially in light of the lack of small engines in the beginning.
But today, the Jaguar XF situation is different. The presence of XE model means it is no longer a "doorway" to own a Jaguar, and model of the F-Type doing the job to the fullest to raise the banner of Jaguar sports. With the launch of the Jaguar F-Pace Group will expand soon, and thus became possible to focus with the second generation of XF delivering a car to compete face to face E-Class models fifth category and the Audi A6.Since the first glance, it can be said that the Jaguar began a good start. Attractive cars, beauty is relative, but do not doubt that Ian Kallom and histeamexcelledinthe design of the Jaguar XF. It is truethattheexteriorisnotrevolutionary as it was the first generation of the car, but in the previous newborn with Ian Kallom when submitting the car for the first time in a gallery in New York earlier this year, assured me that this is intentional. Fjaquar have made significant strides over the past decade to re-master of the same process, and the design team feels that the priority now is to stabilize and consolidate personal Jaguar in the minds of consumers, and this is why the focus on "family" form which combines various models.The overall design powerful and elegant, especially in the foreground, with the sports side lines with distinction, actually makes the Jaguar XF is like a coupe with four doors, which appears in the traction ratio (the standard measure cruise) of the vehicle, which has a 0.26 only, a figure that compete with sports cars. There is no doubt that the treatment of the rear lights has superbly, private lines bright derived from the model F-Type sports with, but here with a half-circle to the bottom, unlike the XE model with half a circle, perhaps to deliver the message is clear that the XF is the sister greatest! But what is important is that these lights meet its mission which is to make it difficult to go wrong with any of the other Jaguar car.
The result in the end, stylish car, attractive, athletic and with a significant presence. But what really caught my attention was not the beauty of the design itself, as far as the stability in different car categories. Fjaquar XF is available in four categories in terms of equipment (Pure, Prestige, Portfolio and R Sport) are all, without exception, have the same beauty of the design. Did you see the one-day rivals the Germans in the standard form of sports without additional accessories (which will pay for them)? It sometimes looks like "naked." This does not apply to the Jaguar XF, which is my personal opinion, you win the battle of the design.Jaguar XF 2016 experienceJaguar XF perhaps eye-catching design, but what lies beneath that exterior is what is really impressive. Jaguar has become today specialized in the use of Alonumeiom light and strong in making its cars companies, and Jaguar XF new use rule of Alolnm light and steel, to be lighter than the previous generation and harder, with the total weight of the base (or VIN) up to only 282 kg, hardness more by 28%, and the weight of 190 kg lighter by some groups. Even the side of the car is made of a single piece of aluminum and is the largest in the world auto industry, and light weight can be carried with one hand, as it weighs only 6 kg!
Jaguar XF 2016 experienceJaguar XF 2016 experience on the roadinstantly appears that the selection of Jaguar this new rule was
Right choice. Since the new rule not only to increase Jaguar interior dimensions without affecting the external dimensions allow, but also allowed for the adoption of a distinctive Jaguar engineers, mechanical equipment in this category. Fjaquar defines itself as a manufacturer of sports cars, but this has been supplying Jaguar XF system Front suspension is derived from the model F-Type sports, made of aluminum for lighter weight and maximum rigidity, with sports mode is ideal is to design a "double triangles," or what is known as Pal (Double Wishbone), which is known as the first choice for sports cars. At the rear, adopting the status of "embedded links", which is the most complicated in this category, but they are also the most susceptible to modification, to give the car stability and comfort that compete with cars in the larger categories and top.
And on the road show Jaguar XF dynamic capabilitiesimmediately. Usually such cars focus more on comfort and luxury. But I drive a Jaguar XF as if it were a sports car. Methods of experience in Spain and took us through the winding streets of the mountainous areas, seem more appropriate for a car, "Minnie" including luxury car of average size. But I feel behind the wheel of the Jaguar XF is true to size in half. The reason is due to the dynamic sports car actually, with Power currently is without doubt the best in the category. Despite the fact that the steering wheel electric systems look "artificial" somewhat in terms of a sense of it, but the Jaguar excelled with variable electric system, provides a great response for the driver, and gives him a high confidence in the car directing. Femina and left the car swung easily as if it were a sports car hatchback, an "attack" turns smoothly, to show
Jaguar true spirit of sports.Car engines play a prominent role here. Fjaquar provide new XF model with three gasoline engines at the moment. The base engine from 2.0-liter four-cylinder with a turbo, 240 hp strongly, gives the car a good performance. But if I wanted to meet the dynamic capabilities of the car right, you should choose the V6 engine with a famous company, with a capacity of 3.0 liters with Super Charger, available 340 and 380 hp strongly. With a powerful engine, radiate Jaguar XF dynamic capabilities. Shall be paid the car on the straight lines strongly, and thrown out of cornering force. Car excellent cohesion is evident here, not only during the course of the car firmly in the turns, but also thanks to its strength lay smoothly on the street, and exploited fully to provide the best possible performance.Jaguar XF 2016 experience was not confined to driving on the wonderful roads of northern Spain twisted, but also took us to the Navarra circuit, where we can actually see the Jaguar XF dynamic capabilities, and learn more about some of the technical advantages. There, with a V6 engine and strongly 380 hp and the system of payment Raai, Jaguar XF reveal its part full athletic, and their willingness to launch a copy SVR sports strong, and the next doubtless later to compete with models M5 and E63 AMG and RS6.It is clear that the summit, which led him through the Jaguar XF 2016 experience on the track more than qualified to play the role of the sports car model. As the cohesion provided by the optional four-wheel drive system seems to be no way to loosen his grip on the street. Valtmask stunning, the car retains a sense of the rear-drive vehicles while driving. During the exit of turns, there is a slight tendency to slide the front (Understeer) when the pressure early on the throttle, but immediately, it turns into a high cohesion in the foreground dating back to the route automatically to the car hurtling full force. Car power cycle through the eight-speed automatic transmission ratios tray, a fast response and give the driver an additional measure of control. Fast response of the enclosure, although they sometimes collide with a change request by more than one percentage down in a row, you will find a slight delay in its response. Although I doubt that anyone actually will try to lead the Jaguar XF 2016 on the ring to ask her that experience!But do not doubt that the Jaguar XF has high dynamic capabilities. There are shock absorbers are available Achtaaraya change the letter, but even ordinary shock absorbers have been calibrated to provide the perfect comfort. Whatever your choice in this area, the perfect comfort. Jaguar XF is available as well as the system of "interaction with the surface," which replaces the rainy climate system, across the road surface feel the quality and selection of appropriate standards automatically. Jaguar XF also provided the technology "to control the progress on different surfaces," or (All-Surface Progress Control) and developed through the experiences of its sister rover, Order to control on slippery surfaces, and give Jaguar XF capabilities unmatched on slippery surfaces. Finally, the system of "cross-braking torque distribution" gives the car an amazing agility and capabilities we saw when driving on a wet track at the Navarra circuit.Jaguar XF 2016 experienceHowever, overcoming the big German names in this category requires more than just high dynamic capabilities. Since this category of vehicles related to comfort and luxury and quality as they are related to the pleasure of driving and high capacity. And if they are to compete with Jaguar Mercedes, BMW, Audi, it shall provide an elegant cabin, process, and a wide calm and comfort, and provide all the facilities expected of a car in this class along with high-quality materials.This is exactly what I did Jaguar. Compartment as the Jaguar XF looks an ideal place to relax and unwind, whether you're in the driver's seat, to provide you with a quiet, comfortable ride on demand, or in any of the other with the perfect comfort cabin seats, to enjoy the advantages of this equipment and the cabin experience.Talk about things like skin and air conditioning electronic control of various areas or air-conditioned seats or panoramic sunroof is no longer surprising in this category. No, to excel here had to be distinctive and different additions techniques, and is here in the applications system (InControl) new Jaguar. This is a very sophisticated system allows to deal with Alchacah Alotih like a smartphone or a small computer, and mating between Ttbaiqlth own applications that can be downloaded to a smartphone, to become a reflection of him in the car. System is very sophisticated, and provides a huge range of information and applications for driver and passengers. These passengers can also Athaddam the Internet via the Wi-Fi in the car, which enables them to connect eight different devices with the Internet. Jaguar XF is also available laser technology to display information on the windshield. However, the most important change is under the eyes of the driver, and specifically in the panel modern counters, a large screen display TFT, Bodaaat different information displays, according to the driver to choose, ranging from the traditional sports counters and counters, the navigation system to display maps in 3D. And of course not to forget the wonderful available for car audio system made famous for its high quality company, "Meridian".Of course, all this in a luxury compartment, covered with skin, made of high quality materials. Jaguar has maintained some of the special touches that characterized the first generation of the model XF, most notably of course the closed air vents in the dashboard which opens when you run the air conditioner, and the circular lever to change the proportions that stand out under the hand of the driver. The design of the dashboard external Khklha, sleek and discreet. But here, according to the selected category oscillating between luxury and sports psychology. While polished wood adorns luxury category "Portfolio", we find in the category S sports seats and a distinctive vaccinations are carbon fiber, and both options are appropriate vehicle's interior. More important is that the Jaguar XF 2016 experiment revealed the comfort and calm ideal in this category. The car is very quiet when driving at speeds of normal, comfort and a perfect parallel to comment and luxury cars in larger groups. In this gathering between Jaguar XF necessary to compete in this category requirements. Is it better if? Hard to judge it without putting the car in comparison to the competitors face to face. But given what we've seen over the Jaguar XF experience in 2016, it actually looks a strong contender in this category. Maybe for some Thvazthm on Jaguar cars, and this goes back to the stereotyped image taken root in the minds of some people during the ancient past. But today, the Jaguar at the forefront when it comes to consumer satisfaction for new cars, according to the company's famous specialized (JD Power), and both in terms of shape, performance or reliability, they compete at the highest levels.This upward curve did not come from a vacuum. Since the firstgeneration of the Jaguar XF, Jaguar began to sharpen its teethAstaadadamnavsh. Today, suddenly, these canines haveemerged,and Jaguar began its assault on its competitors.Atsttionmay escape for a while, depending on theearlystartmadeavailableto them.But given the speed with whichchanged theJaguar style andorientation, it appears thathuntedfor preymatter of time, nothing more.

2016 Porsche 911 Turbo more strongly and higher

2016 Porsche 911 Turbo more strongly and higher
performance2016 Porsche 911 Turbo maintains its ancient traditions topping the famous Porsche models 911, more strongly and higher performance and eye-catching designWith the Porsche 

911 Turbo 2016 seems to be the famous German manufacturer wanted to emphasize that this car remains the top 911 car group, and not the various GT3 models. For a long time it did not require after the submission of 911 new Carrera model (and the provider is also powered by turbo!) Company to reveal the improvements made by the Porsche 911 Turbo 2016. As is usually Porsche now, the car is available in both categories Turbo and Turbo S, both of which are available in a coupe or open category.Let's start with the numbers of interest to everyone. Engine still Menbtahh six-cylinder, with a capacity of 3.8 liters with twin turbo. The Porsche 911 Turbo 2016 engine measuring 540 horsepower, thanks to change the air inlets and the fuel injection system. The Porsche 911 Turbo S, strength now stands at 580 horsepower, thanks to the use of a new turbo charger. This means that both engines acquires an additional 20 horsepower compared to the previous model.The most important changes is perhaps add functionality (Dynamic Boost), which works to improve throttle response when you lift the foot by a simple period and the pressure once again, thus avoiding the problem of delayedwork turbo, or what is known as PAL Turbo Lag, and through to keep the valve throttle open and shut Action sprays fuel, the carresponds instantly when the pressure on them, a function highlighted in the typical "Sport" and "Sport Plus".The result of the better performance of the two cars, with acceleration to 100 km / h in 2.9 seconds for the Porsche 911 Turbo S, top speed of 330 km / h, an increase of 12 km / h for the previous model. The Porsche 911 Turbo 2016 setting calls for three seconds to reach a speed of 100 km / h, the maximum speed stands at 320 km / h only!
Changes at home is not large, but important impact in strengthening the capacity of the Porsche 911 Turbo 2016 as there leash new inspired by the 918 Spyder Ripper model with a new key to control command systems and settings, which include four styles of leadership are the ordinary, pattern "Sport" Sport, and "Sport Plus", which offers the highest performance of the car, and finally the pattern (Individual), which allows the driver to combine different settings for various car systems and saved special driving style of the driver. Well you get the Porsche 911 Turbo in 2016 on a new navigation system over the Internet with the Porsche system "to manage contacts" could be a number of functions verbally control.
As well as become a Porsche 911 Turbo 2016 in both categories are available with the package "Sport Chrono" with inspired by the involvement of Porsche in the world of motor racing technology, namely "sports Response" button or (Sport Response), which when pressed brings the engine and gearbox to provide better responsiveness and higher Available performance of the car for a period of 20 seconds, for example for overtaking maneuvers, and with a particular indicator in the instrument cluster driver knows the time remaining for this sporty style.
As well as the added Porsche to a Porsche 911 Turbo 2016 a new mathematically pattern in the system Porsche stability control (PSM) famous, works by simply pressing the PSM button on the dashboard system to change the process of intervention Stability Control system to a more athletic style, and more effectively than the pattern "Sport Plus "in the previous generation, with limited intervention by the system in the vehicle stability, although he was still working in secret as a safety net. If you are the owners of the strong hearts, you can stop working completely by pressing the button for a long time.As well as available Porsche 911 Turbo 2016 with ceramic brakes of vehicles for better performance, dynamic control system PDCC, install an interactive speed system, and even a special system to raise the front of the vehicle from the ground by 40 mm. In the end, you do not want to hear that voice that breaks the heart of the sports car drivers when exceeding the speed bumps!
In terms of exterior design, minor changes, which are derived fromchanges made by the Porsche 911 Carrera model of the new Bjeelh. There Introduction with side air blades lights and new LEDtechnology. As you get the Porsche 911 Turbo 2016 new alloy wheels 20-inch, with an increase in the display by half an inch are similar to those available for the Porsche 911 Turbo S. At the rear, there are new lamps and various openings for the exhaust, with a new cover for the engine a different design.
The car will be available in the markets during the month of April / April 2016, the prices of cars are as follows:
911 Turbo Coupe: 584 300 AED
911 Turbo S Coupe: 625 100 AED
911 turbo convertible: 688 700 AED
911 Turbo S convertible: 736 700 AED

McLaren 675LT Spider lift performance and have fun

McLaren 675LT Spider lift performance and have fun
McLaren 675 LT Spyder combines the splendor of the turf athletic performance, fun convertibles driving in a unique mold


McLaren 675 LT Spyder unique car. This car occupies a unique place in the world of sports cars, loud as a car Oete combines the capabilities of its sister coupe, and add to driving pleasure as a car exposed under very rarely like to see in high-performance sports car world.To understand the cause of excellence McLaren 675 LT Spyder, we have to start first with McLaren 675 standard LT. This car is a copy of the McLaren 650S sports model, but LT characters symbolize the words (Long Tail), or the long tail, a designation derived from the McLaren racing model allocated to the historical F1. So that McLaren 675 LT version is more focused on high performance on the circuit. McLaren thought out as a copy of the Porsche 911 GT3 RS, or perhaps more accurately, the Ferrari 458 Spchal.It may not seem obvious at first sight, but that about 30 percent of the parts of the vehicle have been changed compared with the 650S model. These changes include the outer parts of the body, the car and Ottaghkhizat Alemyanikih. Externally there Introduction of carbon fiber and additional air inlet in the side. But the biggest change is in the ass, not because McLaren 675 LT has a tail first, but because the change the shape of the dual exhaust made of titanium, as well as to increase the size of the rear wing, or "air brake", as it calls the McLaren size increases by 50 percent for those in 650S model, it gives the rear form the coolest, and most importantly consistent top. The use of carbon fiber at McLaren 675 LT makes it lighter, with a weight of 1,270 kilograms, or about 100 kg lighter than 650S Spyder, and more model only forty kilos of coupe category.Mechanically, sports suspension did not know any significant change, not the engine, consisting of eight cylinders with a capacity of 3.8 liters with twin turbo, which is powered by 650-horsepower rises in McLaren 650S to 675 horsepower in McLaren 675 LT Spyder with a ratio of strength to weight of 532 hp each tons. These figures give McLaren 675 LT Spyder strong performance with acceleration to 100 km per hour in just 2.9 seconds, and to 200 km per hour in 8.1 seconds, while top speed stands at 330 km per hour. Car production will be limited to only 500 units, at a price of 285.450 pounds, or the equivalent of 1.69 million Saudi riyals, or 1.58 million UAE dirhams.
Who said that excellence Zhiv the price?

Baies et grenade donne velours joues roses et le visage lumineux

Baies et grenade donne velours joues roses et le visage lumineux



Face-forme de remplissage rouge et distingué par le désir de chaque fille, propose le Dr Ayman Mohammed spécialiste de dermatologie, quelques conseils pour le visage lumineux distinct rouge naturel, le plus important d'une bonne nutrition et essayer de manger tout ce qui est sain et fonctionne sur la fraîcheur de la peau, كالفاكهة différent, comme les baies, les grenades et autres , ainsi que des légumes et des aliments sains rempli de vitamines, qui calme l'intestin.

Il a souligné la nécessité pour le traitement de l'anémie et de fer d'atterrissage et de l'anémie.

Ainsi que le travail de mon masque préféré accroissement naturel de visage rouge à l'aide de jus de fruits naturels, tels que les jus de fruits frais naturels de grenade, ce qui contribue régulièrement utilisé sur rougeur du visage, la fraîcheur et la pureté

La marche est très important pour les femmes pendant la grossesse

La marche est très important pour les femmes pendant la grossesse



Tant que l'avis des médecins et des formateurs pour les athlètes de femme enceinte toujours marcher et marcher et ne pas réduire le mouvement et la remise à la douleur de la grossesse et de l'accouchement , mais pourquoi est-il important pour une marche de femme enceinte et ses bienfaits avoir à transporter et quand vous le mettre à son petit bébé .

Semble être l'interprétation de l'impact de la marche , c'est que la pression est en train de faire la tête de votre bébé vers le bas au fond du col de l'intérieur l'incite édition Okistosen de l'hormone dans l'espoir de commencer بالمخاض , et tout simplement rester en position verticale fait droit la force de gravité fonctionne à votre avantage et encouragez votre enfant à prendre pour le col de l'utérus , cela est indiqué par le Dr. Amr Hassan enseignant , obstétrique et de gynécologie Aini palais.

Hassan a souligné que cette méthode est sécuritaire, mais attention à ne pas exagérer dans la fatigue vous-même, Valmkhad peut être stressant voulez pas que tous vos consommations d'énergie avant de commencer le processus de la naissance .

Voulez- vous réussir ?
Comme avec les méthodes précédentes, il n'existe aucune preuve concluante , si votre enfant ne vient pas vers le bas ou était encore haut dans le bassin, il est estimé que la marche Encouragez votre enfant à prendre la position appropriée de sorte qu'il est probable que le début du travail seul.

Comment essayer?
Ce n'est pas le temps de marcher avec toutes nos forces , surtout si vous ne l'avez pas vous les exercices que pendant la grossesse précoce , il peut être préférable randonnée et errent comme vous pouvez le faire.

Manger le nid de pie augmente le niveau de vitamine D dans le corps

Manger le nid de pie augmente le niveau de vitamine D dans le corps




Medical Research conseillé de manger trois ou quatre morceaux de champignons assurer les besoins humains quotidien de vitamine "D".

Elle a expliqué: "Rebecca Mason" professeur de nutrition à la Faculté de médecine, Université de "Sydney" nid de Corbeau australien, comme le besoin humain de l'exposition au soleil pour assurer la sécurité et l'efficacité du métabolisme de la plante est importante pour l'enfant.

La recherche a indiqué que le champignon de nid d'oie besoin de deux heures par jour d'exposition au soleil pour améliorer les fonctions d'efficacité et de plantes, en plus d'améliorer le niveau de vitamine "D" dans sa composition.

La recherche souligne que le nid de corneille prudent de manger permet de conserver les droits sur son activité et la vitalité de manière significative.

Indian monsoon & 12.5% interest gold loans


I have a short post up on the corporate blog on the current state of the Indian monsoon, which matters because poor agrarian Indian farmers are purported to buy over 60% of Indian gold. If monsoon rains are good they buy gold, if not they sell some to buy next year’s crop.

While writing this article came up which is mildly negative for Indian gold demand (as it is only talking 80 tonnes) as it seems the jewellery industry is going to be further crimped by a new rule limiting their gold deposit schemes (ie people lend gold to jewellers to fund their business) to 25% of their assets. The really interesting thing is that the new law also prevents the jewellers from paying more than 12.5 per cent annual returns on those gold loans! Talk about using gold as money. I suppose they have to pay those rates due to the risk of them running off with the gold or going bankrupt.

Just wait to Wall Street finds out about these yields - beats current junk bond rates. With investors desperate for yields in ZIRP environment will we see Wall Street selling Indian Jeweller bonds at 10% (yep 10%, where do you think those bankers bonus come from)?

GLD amendment refers to "unforeseen reasons" for unallocated failure

GLD has some amendments to its terms up for vote, one of which is "that creations may only be made after the required gold deposit has been allocated to the Trust Allocated Account from the Trust Unallocated Account" (hat tip I Shrugged; see here for an explanation of the existing creation process). What is interesting is the explanation of why they are making this amendment:

"This amendment provides additional security for Shareholders by eliminating potential risks related to issuing baskets of Shares against unallocated gold if the Custodian was to become insolvent or if the unallocated gold was otherwise not allocated for some other unforeseen reason."

My emphasis on the bold bid. The risk they are referring to here is because the Authorised Participants only deliver unallocated to the Custodian and it is up to the Custodian to find the physical to allocate. This puts all the pressure on the Custodian. The amendment does raise the following questions:
  • Why the need to clarify this now, is there something the World Gold Council (who sponsors GLD) knows about the state of the market that didn't exist before?
  • Why would unallocated gold now have a risk of not being allocated?
  • Is there an increased risk of intra-day failures for large unallocated allocations?
  • What are these unforeseen reasons?
  • And why are none of the more excitable gold commentators hyping this up as more proof of the end of the London bullion banking system? :)(Probably because they didn't get the letter as they are smart enough not to hold GLD, which has numerous other issues which only make it suitable for short term trading IMO).
I don't think this is a case of the WGC responding to public criticism, as I haven't seen any commentary on this detail/technical matter of ETF operation. Maybe they just thought they would close up this risk point while they were making changes to the management fee revenue. However, that would beg the question of when did they become aware of the "potential risks" in the creation process and why didn't they fix it earlier?

At this point I would just note it as a data point, rather than a sign of "an imminent LBMA default", which was first predicted by one commentator in April 2013, which, even by the lax standards of internet accountability, is a fail (don't shoot the messenger, but clearly the fractional reserve bullion banking system is more robust than many give it credit for).

For the Perth Mint at the moment wholesale and retail demand are weak at best. Kilobar demand was so low we were considering shipping gold TO London but there has been a little pick up in kilobar interest this week. The recent GLD additions are positive but other ETFs have had liquidations so this indicator is unclear. All considered I don't see this as a situation where London is under pressure.

The other amendment to GLD is a rejig of who pays its costs and gets its management fee. Currently the Trustee pays (by selling gold behind the ETF):
  • Sponsor (ie WGC): 0.15%
  • Marketing Agent: 0.15% 
  • Custodian: approximately 0.066%
  • Administration Fees: approximately 0.03% to 0.04%
  • Trustee: $2 million
The proposal is that the WGC will take on all costs and only charge the Trust 0.40%. It just formalises the existing "Fee Reduction Agreement" by which the WGC was absorbing any costs above 0.40% so that GLD holders only paid 0.40%.

I can't see any material change here. Possibly the WGC feels they may be able to control or reduce costs better now that GLD is established and hence it sees an opportunity to make a bit more profit out of GLD beyond the current arrangement, as noted in the amendment letter "the net amount earned by the Sponsor could be greater or smaller than the fee of 0.15% of the daily ANAV of the Trust it currently earns, depending on the actual expenses of the Trust."

Coincidental this happens when two large South African miners (Gold Fields and AngloGold Ashanti) dropped out of the WGC and thus the WGC lost a big revenue source? While that announcement happened after the amendment letter, the WGC would have know about this move by the miners for some time. Just another move towards the WGC becoming more self funded.

No Indian gold import policy change explains RBI gold swap

After a lot of speculation about what changes the 2014 Indian budget would bring for gold import policies, we got zip. That now supports my speculation on why the Reserve Bank of India (RBI) announced, ahead of the budget, a combined quality and loco swap of its gold: it was a temporary political fix to the problem of:

1. Making promises to the gold industry during the election campaign that it would wind back gold import restrictions.
2. Reality, once in office, that such relief on gold imports would negatively affect India's current account deficit.

Standard political MO: "Oh, it is a lot worse than we thought, we can't honour our promises, it is the previous Government's fault". Interestingly, on the eve of the budget the Indian gold industry hadn't read the warning signs and thought there would be relief, with Bachhraj Bamalwa, of All India Gems and Jewellery Trade Federation, speculating that the duty would be cut to 6% and even that "the government might remove the 80:20 rule in a gradual, 'phased' manner". This view was probably helped along by statements from the Government like "any action on gold should take into account the interests of the public and traders, not just economics and policy". Well it is clear they sided with economics and policy.

There were some warning signs, with this Reuters article quoting commentators noting that the Government was "moving back and dithering on their decisions, and in a sense playing politics". Another sign was this Report that "India risks losing its investment-grade sovereign rating if it fails to get its finances into shape" with S&P warning "there was a one-third chance of a downgrade [of India] to "junk" without a big improvement in the fiscal deficit and in implementing reforms."

For me, the strongest sign the new Indian government was going to back away from its promises was the RBI gold swap announcement and the local gold industry should have paid more attention to it, because its timing was very unusual: just before the election about gold which had been sitting in RBI's vaults in India for decades. Why was this non-standard gold suddenly an issue?

I think it is a reasonable speculation that the RBI knew in advance that the new Government could not open up the import restrictions and have a flood of gold imports affecting the current account deficit and the country's rating. This gold swap was then a planned action to placate the industry by releasing supply into the local market in a way that would not affect the current account deficit.

The RBI is aware of the local gold supply issues, have loosened the 80:20 rule a little in March by allowing some banks without three years worth of exports to import gold, but only on the basis that they had current customers to export gold to (see this Reuters article).

Sidebar: the clear message from the Indian session at the recent Singapore Gold Forum was that it was the 80:20 rule that halted gold imports and not the duty hikes. On that basis I was expecting some duty cut as that would have made it look like the Government had done something while not making any difference to how much gold could be imported.

So how does this gold swap work and not impact the current account deficit? Firstly, a swap involves two legs, as explained here, in this case being:

1. Sell non-LBMA standard gold loco India
2. Buy LBMA standard gold loco UK

No doubt the RBI had some interest in upgrading its non-standard gold (as it makes it easier in the future to mobilise it in a financial crisis, like it did in 1991) but it could have just sent it to a local refinery. However, this would not have had any impact on local supplies as the gold would have just went straight back into the RBI's vault.

The key is that the swap results in a net supply of gold into the local Indian market, but the replacement gold is supplied from London (or Switzerland, as we will see shortly). The net supply in India will result in a reduction of the local premium (which the public will welcome) but more importantly, it will give the local gold industry material to work with (of which they are starved) and this should increase employment. The reason this swap will not affect the current account deficit is because the cash legs of a swap are netted, so the RBI will only be paying a few dollars per ounce out of its offshore USD reserves.

Regarding the swap, I had a debate with twitter based precious metals analyst Silver Watchdog who thinks the RBI swap would also involve leasing. I see this as unnecessarily complex, which his diagram indicates. The leasing angle only makes sense if you believe that there is a shortage of gold in London (as the second leg of the swap pulls physical out of the London market), so only if the RBI subsequently leases their newly acquired London gold will this take pressure off the London market. Apart from there being no indication that the RBI was intending to do this, Perth Mint does not see any such shortages in London at this time.

I would note here that while bullion banks will probably quote on this swap, the advantage is with the refiners given the quality upgrade required. The one in the box seat is the local Indian refinery PAMP-MMTC who, through PAMP's parent MKS, is capable without bullion bank help to do "options, hedging and EFP’s; location, purity and quality swaps; forward leasing arrangements". PAMP would have no problem refining the gold locally and supplying 400oz bars into London out of its Switzerland operations.

While India has 557 tonnes of gold reserves, there is no indication of how much non-standard gold they hold or are looking to swap. This Reuters article notes that the RBI "would decide further in regard to quantity, swap-ratio [i.e. swap fee], timing etc. of the gold to be swapped". The reference to "timing" implies that the RBI is looking to supply their gold over a period of time, which would make sense if you want to alleviate local gold industry supply problems and help them out for as long as possible.

Whatever amount is involved it will only last for a limited time, in the order of months, not years, given India's appetite for gold. So this is just a short term fix to a political problem and ultimately shortages will resume due to the 80:20 rule.

Of course, it is entirely possible that the RBI's swap is solely about upgrading its gold reserves and the timing is purely coincidental. That would clearly be the case if the replacement gold was going back into the RBI's vaults in India, rather than with the Bank of England as reported by Reuters. However, as we are dealing with central banks, where transparency even on simple matters is rare to come by, we just don't know what the real motivation is and thus have to resort to speculation. I hope you got some value, in terms of how the industry works, out of my speculations even if they turn out to be wrong.

Allocated Gold at Bank of England declines 755 tonnes

The Bank of England's just released 2014 Annual Report discloses that it was holding 5,485 tonnes of gold as a custodian, down 755 tonnes to around the level it was in 2011 and 2012. Below is a chart of the data against the average gold price over the Bank's financial year ending February, which shows that the amount of gold has basically followed the gold price, very much like the behaviour of the gold ETFs.


The table below details the figures and calculations back to 2005, when the Bank first started reporting its custodial activities.


As at Date Allocated Gold (GBP billions) London PM Fix (GBP) Allocated Gold (tonnes) Year on Year Change (tonnes)
28/02/2005 29 226.514 3,982
28/02/2006 36 318.078 3,520 -462
28/02/2007 43 338.964 3,946 +425
28/02/2008 72 488.854 4,581 +635
28/02/2009 102 669.809 4,737 +155
28/02/2010 125 746.149 5,211 +474
28/02/2011 156 868.682 5,586 +375
28/02/2012 197 1110.484 5,518 -68
28/02/2013 210 1046.719 6,240 +722
28/02/2014 140 793.931 5,485 -755


In this June 2014 Quarterly Bulletin, the Bank reports on page 134 that 72 central banks hold gold with them (which is 65% of the 113 central banks that the World Gold Council records as having gold reserves). It also noted that the "Bank also acts as a bank to certain other financial institutions. One example is central counterparties". Included in that the latter group would be the six London bullion market clearing banks. As it is unlikely that the Bank runs allocated gold accounts for banks that are not central to the gold market, it would be fair to conclude that the majority of the allocated gold it holds is for central banks.


Given there was nowhere near 755 tonnes of central bank selling in the year ending February 2014 it would therefore be fair to conclude that this gold outflow was from the allocated accounts that bullion banks had with the Bank of England. This is not surprising considering that the major gold ETFs lost in excess of 600 tonnes over that same period.


Just one final observation from World Gold Council central bank holdings data: it wasn't until the year ending Q1 2010 that central banks were net buyers. Prior to that they were net sellers (1,011t for 4 years to March 2009), yet the table above shows customers of the Bank of England adding to their holdings (753t for 4 years to February 2009). Now if we remove central banks that most likely don't store with the Bank, this 1,011t net sell figure may change, but I doubt enough to turn it around to anywhere near 753t of net buying. Tentative conclusion is that bullion banks were accumulating a lot of allocated gold with the Bank of England.


Combining the above figures with detailed LBMA turnover figures, UK gold import/exports, London ETF flows, and central bank activity is more work than I have time for at the moment, but it certainly would give us a better picture of the London gold market.

Why no direct relationship between price and stocks

A great article by Keith Weiner explaining why open interest in gold has fallen but in silver it has increased - hint: to do with profit from carrying gold. Apart from that, it is also useful for those who falsely think that if the price goes up (or down) then open interest should increase (or fall), and also that ETF holdings should increase (or decrease).

It does puzzle me why people think there should be a direct relationship between open interest or ETF stocks and price, given that they don't have any problem understanding that the price of a company's shares can go up and down while the number of shares on issues doesn't change.

For a company ownership of shares is just transfered between buyer and seller and that doesn't drive price. Price is a function of there being more buying pressure resulting in buyers not being willing to sit around waiting for people to accept their bids and instead accepting seller's offers (and vice versa).

The same can happen with precious metal ETFs. ETFs shares are only created or redeemed if the person on the other side of the trade is someone with no interest in the ETF (ie a market maker). Where existing holders sell to new buyers no new shares need to be created, yet the price can still go up if the buyers are willing to accept the seller's offers (and the non-market maker sellers are adjusting their offers to match gold prices on Comex or the spot market.

Also, check out Warren's latest bullion bars project post, where he notes that 70% of bars added to GLD during 2013 where previously in the GLD list, demonstrating that "there is a really large stock of gold in London and that it doesn't necessarily all vanish instantly to China". He also predicts the return of specific bar numbers by July 30th - now that's a real forecast, no vague hedged cop out wording.

Gold forecaster with 100% accuracy says gold to remain weak

I have found a gold forecaster with a 100% accuracy rate. Below is a chart of two of his recent predictions.


The first arrow marks the 15th of January when he said to "use narratives, not just charts, to tell if gold's bottom may be near", noting that mainstream commentary was a "precursor to more bullish narratives. It also gives confidence to smart money to start to get into the market"

The second arrow marks the 15th of March when he said that he "would not be surprised to see it correct down" and that "there will be corrections on the climb back up" during the rest of 2014.

Of course the forecaster is me, and the 100% accuracy rate is misleading as I've only made these two calls in the entire time I've blogged (here and here), but hey, since when does the full truth matter in click baiting headlines?

Now given that my sample size is only two forecasts, you can probably bet against my next call as there is no way I can maintain a 100% accuracy rate. I'm not ready to make a call for a bottom in this correction so at this time will just expand on the March 15 comments I made in an interview with Al Korelin.

In that interview I noted negative premiums on the SGE were possibly indicative of bullion banks having overestimated Chinese New Year demand (BBs stockpile ahead of these high demand periods, see here for some evidence of this). Perth Mint has seen some on and off weakness in kilobar premiums recently and this was confirmed by Ed Steer noting that JP Morgan received exactly 160,750.000oz of eligible gold into their Comex warehouse on March 20. This is exactly 5 tonnes, which readers of this blog know is indicative of kilobars. If the Chinese are so hot for gold right now, why is JPM putting kilobars into a NY warehouse?

For a current read on the market I think you have to take a narrative approach I discussed in that January 15 article - and that is mainstream financial markets narratives, not goldbug narratives, as that is where the big money is. Where is that narrative now? First this Business Insider article quoting Goldman:

"we see potential for a meaningful decline in gold prices towards the level implied by 10-year TIPS yields, which our rates strategists expect to rise further this year, and reiterate our year-end $US1,050/toz gold price forecast. More broadly, we believe that with tapering of the Fed’s QE, US economic releases are back to being a key driving force behind gold prices"

And this from the Australian Financial Review via Macro Business, quoting some nobody and SocGen:

"Gold is going to be somewhat problematic from an investment standpoint over the next six to 12 months. We’re probably looking to a relatively higher and quicker increase on rates, which is a headwind for precious metals."

"We continue to believe that the economic momentum in the US shows further improvement, we reiterate our very bearish outlook for this year. Prices could drop below $US1,000. I would not rule that out."

The important thing is these people believe this stuff, that the US is "improving" and they will trade gold accordingly. I think it is also worth noting Dan Norcini's repeated comments that this price run up was more about short covering than new longs, and he is representative of the Comex floor "narrative".

I also note the Zero Hedge article on China Commodity Funding Deals regarding gold, which has some potential to be negative for gold, despite what some may say. Most likely their "don't worry, it is bullish for gold" interpretation comes from a lack of understanding of the deals as they probably haven't got access to the professional market commentary on that topic. That is for another post, but I will note I brought this issue to your attention in September 2012 and ZH and others who are now jumping on it could have found out a lot earlier from these articles (good background reading if you're keen) June 2013, August 2013, September 2013, December 2013 and finally from Koos Jansen, who you'd think gold bloggers would read, with this quote indicating the risk: "some enterprises in China use gold leasing from banks to solve their short-term funding problems in the hope of buying back the gold at lower levels to repay the lease. However they can be short-squeezed when gold moves higher"

So at this stage I think the risk is to the downside but will hold off on a bottom call until I can see some shift in the mainstream narrative.

GLD vault defragmentation

Warren has a cool animation showing the addition and redemption of pallets of gold bars out of GLD's vault, done in the style of the old PC disk defrag programs, at the screwtapefiles blog.

A few comments on the 5 minute animation (see screenshot below):
  • During the redemptions in 2013, most of the bars are taken from the bottom, that is, the recently added stuff. Makes sense, this stuff is easier to access.
  • But note much of the redemptions are from all over the place. Some of that is explained by them "hunting" for 9999 bars as Warren discussed in emails. He will have a follow up post taking this animation analysis into more detail showing this.
  • In the pic below the area just above the empty bottom area is really stubborn, something about those bars they don't redeem from, even though they are more recently added than the bars in the first half of the pic above that section.
Snapshot of GLD defrag youtube:

How ETFs Haven't Altered The Dynamics Of Gold

Have a post up on the corporate blog How ETFs Haven't Altered The Dynamics Of Gold where I have a go at the mainstream finanical narrative that gold ETFs were a “game changer for the gold industry”, making it easier for investors to buy gold and having a positive impact on the gold price. If you properly classify bar/coin and jewellery bought for investment reasons then that accounts for over 11,400 tonnes of physical gold compared to only 2,600 tonnes of ETF investment between 2004 and 2012. More at the link.

Still snowed under with work so fustrated at limited blogging capacity. Just one quick FYI from a contact Ronan on a soon to be launched gold ETF from Axel Merk:

This Trust seems to follow the standard format, a trust backed by allocated physical 400oz bars. JP Morgan will be custodian. The differentiating factor in this trust will be that it holds other types of gold in addition to 400oz bars, such as smaller bars and even coins, and small investors will be able (if they want) to redeem shares for gold bullion, which is a new angle.

There is a web site which seems to be on hold www.merkgold.com until after the IPO. See link for one of the filings.

I'm surprised anyone would think more gold ETFs are needed, but maybe they think the redeemability in small sizes will be attractive. I would note that redeemability at any size into any coin or bar was a feature of Perth Mint's ASX listed gold product PMGOLD when launched in 2003. Ten years later they are catching up. The holding of smaller bars will just add to costs, but as they don't have a Mint out the back, I suppose there is no other way for them to offer than redeemability.

Merk has some good articles on gold here, quote: "I am an optimist. I’m no conspiracist. I just happen to think the road to hell is paved with good intentions. As a result, I own gold".

FYI, you may also find this paper by CME Group having a go at gold ETFs versus Comex futures of interest/amusement, quote:

"While there is a place for ETFs in any investment portfolio, there are several drawbacks that do not make them the first choice for individuals wishing to invest in gold.

When the goal is to simply benefit from a rise or fall of the price of gold, COMEX Gold futures are the logical choice. COMEX Gold futures offer the investor a fast and accurate pricing mechanism, the ability to leverage their trading strategies and the security of doing business on an exchange that has guaranteed the performance of each of its transactions for over 100 years."

Sprott PHYS redemptions arbitrage driven

Sprott PHYS fund redemptions show up in the first few days of a month, and for March there were no redemptions. This lack of news is actually news as it confirms for me that the redemptions we have seen in the past (see here) were driven by an arbitrage opportunity.

Below is a graph that demonstrates this. First I took the reported premium/discount to Net Asset Value (NAV) and subtracted the $5 per ounce redemption cost. This is graphed in green (for a profit) and red (for a loss) in percentage terms on the right hand scale. When it is green, you can make a profit buying PHYS shares at a discount to NAV, redeeming, and then selling the physical gold at the higher spot market price.

Second, I graphed the amount redeemed on the left hand scale and shaded the months during which the shares would have been accumulated to do the redemption. You'll note that the shaded periods run from the 16th of a month to the 15th of the next month. This is because you have to submit your redemption request to the fund by the 15th of each month to give the fund 2 weeks to process and get your gold ready for delivery by the end of the month.


You can see from the chart that the redemption accumulations only occur when there is an arbitrage profit to be had and cease when there is no profit.
PHYS first started to go into discount during April 2013 (prior to that it had always traded at a premium). However, while there was some arbitrage profit in May/June, that month only showed a redemption for 400oz. I think this is explained by the fact that PHYS was only showing small discounts to NAV and a trader or bullion bank first wanted to test the redemption process before redeeming in bulk. Hence they redeemed exactly one LBMA bar - not coincidental I think and strongly suggestive of a test transaction.
As the discount persists into the Jun/July and July/August periods we see the trader ramp up the redemption quantities. I note that as a percentage of PHYS' trading volume for those months, the units redeemed were only 0.6% and 1.6% respectively. That is quite low. August/September presented no arbitrage opportunity so we don't see any redemptions.
But in September/October and subsequent periods, the discount (and arbitrage profit) reappears and we see the redemptions increase. Note that while the next two redemptions are similar in ounces to Jun/July and July/August periods, due to lower trading in PHYS they represented 12.1% and 16.5% of trading volume respectively. This is getting quite high but the buying of PHYS did not drive PHYS back into a premium, so in the next two months the traders must have felt more confident and really ramped up their buying to the 3 tonne level, and at 28.9% and 30.1% of PHYS' trading volume in November/December and December/January respectively.
I am wary of ascribing causality here, but do wonder if this high level of buying relative to the number of shares of PHYS that normally trade did result in the fund returning back into a premium to NAV from January onwards. That is what arbitrage in theory should do.

I would note that the redemption activity we see may not be an arbitrage trade (that is, someone just looking to pocket the different in prices) but also a physical investor who is not interested in holding a fund and just sees PHYS as offering a cheaper way of getting physical. In either case the result is the same.
I'll keep track of this data and post if there is any action that further confirms, or contradicts, the theory that a trader or investor is opportunistically taking advantage of PHYS trading at a discount to NAV.

US deep storage gold - weights

Still catching up after my two week holiday, have many posts planned including finishing the fractional bullion banking, the London fix manipulation and legal case, Sprott PHYS redemptions, bitcoin. In the meantime, the table from the last post but by ounces of fine gold:


Similar percentages to the one by number of bars. As Golden Nugget commented, I should note that the spreadsheet is only for US Mint held gold, which is 95% of the total, with the other 5% held at the US Fed. Unfortunately the bar list for that is only supplied as a pdf of a scan so impossible to analyse in Excel.
Anyone interested in the reality of the US gold reserves really should read the pdf of hearing 112-41 (see link) as this bascially busts many of the memes around the US gold reserves. I will do a post on that hearing as there is a lot of detail supplied and suprising that I've never seen much commentary around it.

US deep storage gold reserves bar list made public

Warren James (the guru of ETF bar list analysis) was tipped off by a reader that the US government had a bar list of its deep storage gold reserves on its website, see Victor's tweets here for details and links. Warren's initial comments are:

"Have already perused the bar numbers - a stack of Rand/Matthey/Rothschild bars there but no match (obviously) for the bar signatures we have in ETF data and happy to say that the sequences are consistent with the data we have. They are (again as you might expect) really old bar sequence numbers. Talking, early Rand number sequences. I gave them both the observation that the spreadsheet seems to have been built up from some older documents - there seem to be some OCR errors, which I assume were from earlier typewritten lists."

He will no doubt come out with a full analysis in due time assessing its internal consistency (as he has done for the ETF bar lists). In the meantime below is a quick analysis of the type of bars. I'm just looking here at the number of bars but have identified clear groupings of bar types. First the raw data:


My choice of purity and bar size categories was driven by clear clusterings in the data. The key categories are:


So 8 bar types account for 85% of the bars. No suprise that few meet the LBMA standards for weight and purity, given the source (1930s confiscation, ie coin melt) of most of the gold.
Not suprised to see 100oz bars given that is Comex futures standard, but the 36% is not standard and clearly coin melt source.

Significant is the fact that 55% of all the bars are 90% (+/- .1%) purity and 13% are 22ct (current US Eagle purity). Unusual is the circa 840oz and 1070oz bar sizes, very heavy.
Note that the LBMA standards are post 1987, hence the bars which are close to LBMA weight and/or under purity are reflective of a general industry standard to 90%+ purity circa 350oz size bars prior to 1987, but this was later firmed up later by the LBMA to the currently 350oz-430oz 99.5%+ standard.

I think that the sub 2 percent purity cateory is an error. There are 714,993oz of gross weight recorded for this category and if we assume the purity is more likely around 90%, then this spreadsheet understates US gold reserves by 640,000oz!
A lot more to come from this data but just wanted to draw attention to this data ASAP and look forward to further analysis and comment by Warren and others.
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