osoab
1st May 2011, 09:15 AM
Simple question.
I am thinking up and big. Maybe to 1600. Credit to a poster over at Kitco that noticed this last week. Gold opened up with a larger move on GLOBEX after moving higher in the India market on Saturday.
Here's why. These two articles are identical published at different sites.
Gold climbs to new high of Rs 23,175/10 gram, silver slips (http://timesofindia.indiatimes.com/business/india-business/Gold-climbs-to-new-high-of-Rs-23175/10-gram-silver-slips/articleshow/8126354.cms)
NEW DELHI: Gold prices surged to a new peak and crossed the Rs 23,000 mark in the national capital on Saturday on sustained buying by speculators, triggered by a strong rally in overseas markets. Silver, however, dropped due to reduced offtake.
The yellow gold spurted by Rs 655 to all-time high of Rs 23,175 per 10 grams as the metal in international markets climbed to a record high of USD 1,570.60 an ounce in day-to-day trading.
Hectic buying by stockists and retail customers ahead of 'Akshya Tritya' festival, a traditional day for buying gold further bolstered the market sentiment.
Silver, however, lacked necessary follow-up support on reduced offtake at existing higher levels and shed Rs 500 to Rs 71,500 per kg.
Gold zooms to Rs 23,175 (http://www.tribuneindia.com/2011/20110501/biz.htm#1)
New Delhi, April 30
Gold prices surged to a new peak and crossed the Rs 23,000 mark in the national capital today on sustained buying by speculators, triggered by a strong rally in overseas markets. Silver, however, dropped due to reduced offtake.
The yellow metal spurted by Rs 655 to all-time high of Rs 23,175 per 10 grams as the metal in international markets climbed to a record high of $1,570.60 an ounce in day-to-day trading.
Hectic buying by stockists and retail customers ahead of 'Akshya Tritya' festival, a traditional day for buying gold further bolstered the market sentiment.
Silver, however, lacked necessary follow-up support on reduced offtake at existing higher levels and shed Rs 500 to Rs 71,500 per kg.
So gold is at 23,175 Rs per 10 grams in India. So that is 2,317.5 Rs per gram of Au.
1 troy ounce = 31.1034768 grams.
Current conversion (http://www.advfn.com/currency-converter/us-dollar-to-rupee.html) is 1 USD = 44.2400 ₨
(2,317.5 x 31.1034768) / 44.2400 = 1629.347 oz of Au per USD. :o
That is a huge move if this holds.
Now silver.
71,500 Rs per kg =
(71.5 x 31.1034768) / 44.2400 = 50.269 oz of Ag per USD
I have seen something that every 10 rupee move on the Indian gold contract = a 1 dollar move on the Comex contract.
Looking at this site (http://www.thebulliondesk.com/?Tab=7&site=1&lang=EN) gold in Rupees is sitting at 225307 Rs/100 gram 995. That would put Au in USD at 1584.048.
I think we may go up large at the open.
I am thinking up and big. Maybe to 1600. Credit to a poster over at Kitco that noticed this last week. Gold opened up with a larger move on GLOBEX after moving higher in the India market on Saturday.
Here's why. These two articles are identical published at different sites.
Gold climbs to new high of Rs 23,175/10 gram, silver slips (http://timesofindia.indiatimes.com/business/india-business/Gold-climbs-to-new-high-of-Rs-23175/10-gram-silver-slips/articleshow/8126354.cms)
NEW DELHI: Gold prices surged to a new peak and crossed the Rs 23,000 mark in the national capital on Saturday on sustained buying by speculators, triggered by a strong rally in overseas markets. Silver, however, dropped due to reduced offtake.
The yellow gold spurted by Rs 655 to all-time high of Rs 23,175 per 10 grams as the metal in international markets climbed to a record high of USD 1,570.60 an ounce in day-to-day trading.
Hectic buying by stockists and retail customers ahead of 'Akshya Tritya' festival, a traditional day for buying gold further bolstered the market sentiment.
Silver, however, lacked necessary follow-up support on reduced offtake at existing higher levels and shed Rs 500 to Rs 71,500 per kg.
Gold zooms to Rs 23,175 (http://www.tribuneindia.com/2011/20110501/biz.htm#1)
New Delhi, April 30
Gold prices surged to a new peak and crossed the Rs 23,000 mark in the national capital today on sustained buying by speculators, triggered by a strong rally in overseas markets. Silver, however, dropped due to reduced offtake.
The yellow metal spurted by Rs 655 to all-time high of Rs 23,175 per 10 grams as the metal in international markets climbed to a record high of $1,570.60 an ounce in day-to-day trading.
Hectic buying by stockists and retail customers ahead of 'Akshya Tritya' festival, a traditional day for buying gold further bolstered the market sentiment.
Silver, however, lacked necessary follow-up support on reduced offtake at existing higher levels and shed Rs 500 to Rs 71,500 per kg.
So gold is at 23,175 Rs per 10 grams in India. So that is 2,317.5 Rs per gram of Au.
1 troy ounce = 31.1034768 grams.
Current conversion (http://www.advfn.com/currency-converter/us-dollar-to-rupee.html) is 1 USD = 44.2400 ₨
(2,317.5 x 31.1034768) / 44.2400 = 1629.347 oz of Au per USD. :o
That is a huge move if this holds.
Now silver.
71,500 Rs per kg =
(71.5 x 31.1034768) / 44.2400 = 50.269 oz of Ag per USD
I have seen something that every 10 rupee move on the Indian gold contract = a 1 dollar move on the Comex contract.
Looking at this site (http://www.thebulliondesk.com/?Tab=7&site=1&lang=EN) gold in Rupees is sitting at 225307 Rs/100 gram 995. That would put Au in USD at 1584.048.
I think we may go up large at the open.