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Friday, Dec 17, 2004

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Altos launches gold accumulation programme

Our Bureau

Chennai , Dec. 16

ALTOS Advisory Services Pvt Ltd has launched a derivative-based gold accumulation programme in tie up with Multi-commodity Exchange of India (MCX).

Mr S. Venkataraghavan, Senior Business Manager, Altos Advisory, said that investors can exploit the MCX derivatives in gold to create a long term gold investment discipline.

Thus Altos is offering investors an alternative to investing in gold the traditional way - by purchasing gold bullion as bars or coins.

Investors can now accumulate gold or gold futures electronically. No storage fee is involved and the transactions are transparent.

To illustrate, he said, for every gram of gold, now ruling around Rs 650, an investor can buy futures at 5 per cent of the value and remit the balance 95 per cent in a deposit linked sweeping account of Altos partner banks and use it for marked-to-market profit or loss using the bank's Internet payment gateways.

When the contract is nearing expiry, a roll over is done to the next contract. Altos charges 0.3 per cent as service charge and the roll over period can be from one month to one year.

The programme is to be launched formally on Friday by the Chairman of MCX, Mr Venkat Chary.

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