Business Daily from THE HINDU group of publications
Tuesday, Nov 20, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 20, 2007 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
|
Home Page
-
Gold & Silver Markets - Mutual Funds Mumbai, Nov. 19 SBI Mutual Fund is planning to launch gold exchange traded fund early next year. “We should come up with some form of ETF by early next year,” said Mr O.P. Bhatt, SBI Chairman, while speaking at the international conference on bullion held in Mumbai on Monday. “We will launch the product as soon as we can address the issue of why it (ETF) has not taken off,” he said. The fund expects to mobilise not less than Rs 200 crore, the Chairman said on the sidelines of the conference. A country like India, which is a large consumer of gold with an annual consumption of 900 tonnes, is also one where the vast majority of the population is yet to experience the actual buying of gold, said Mr Bhatt. “When they experience rise in incomes, the first thing they do is to buy gold. This factor alone will take the demand 5 to 10 per cent higher per year,” he added. Today, the country is said to be in possession of 15,000 tonnes worth some $300 billion that is not put to productive use. It has proposed a scheme for temples and Trusts whereby they can deposit their gold with SBI for which the bank may also give some incentive. “We are speaking to temple authorities but there are issues like purity and standard of gold lying with the temple authorities,” he said. Exchange Traded Fund returns closely track spot gold Reliance MF launches Gold Exchange Traded Fund Gold ETFs turn active Authorised participants for Gold BeES More Stories on : Gold & Silver | Mutual Funds
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
