Indian gold ETF sees first conversion of shares into gold

"Last week, we also made a first physical delivery of gold against the ETF. Ashok Dhamnaskar, an investor from Mumbai, has become the first investor to convert gold ETF units to physical gold on Thursday, April 12, 2012.” Nitin Rakesh, CEO of Motilal Oswal Asset Management told Business Standard on April 18.

Indian Gold ETF that swaps shares for gold boosted by festival

The amount of gold sold during yesterday's gold buying festival in India was a disappointment according to Reuters: Prices, inflation dent gold demand on Akshaya Tritiya

That was in the traditional physical markets. But sales in the physical gold ETF market soared as trading costs were waived. The biggest percentage rise (although from a lower base than its larger peers) was seen by the only ETF that gives its investors the option to convert ETF shares into gold.

Sterling gold lowest since 2011: no buyers?

Gold valued in pounds Sterling fell below its lowest (closing) level this year to around $1,010 per ounce today for UK ETF investors. Despite this UK gold ETF investors were mainly sellers.

Indian Gold ETFs promoted as jewellery demand drops

Physical demand will drive the price of gold but news from India - the largest and most watched market is not entirely encouraging.

While the Akshaya Tritiya festival will lift jewellery demand, analyst Marc Ground at Standard Bank said "the pace of demand is not to the extent that we expected" (reports BullionVault)

But financial gold could still get a boost as the Indian gold exchange traded fund market continues to grow fast and India's National Stock Exchange will reportedly waive transaction fees on physical gold ETFs and extend trading hours on April 24.

It happened in May last year and again in October, the latter prompting the heaviest gold ETF buying day ever on the exchange.

Despite expectations that new taxes and higher gold prices will dampen demand some ETF providers expect more people to use ETFs.

JPM's Blythe Masters vs Ted Butler on silver (and gold)

"That's wrong and we don't do it" is what Blythe Masters told CNBC when she was asked about the bank's massive short position in the silver futures market and whether it was manipulative. Her argument was that all the short positions are part of a hedging mechanism for metal held by their clients.

The veteran silver analyst Ted Butler  - the main force behind four investigations into silver manipulation allegations by the US regulator (CFTC) -disagrees. He questions the need for the bank to hedge in the futures market when it is a big player in the OTC market.

Capital Economics: India's gold lending = gold standard?

All eyes are on the Indian government's attempts to reduce gold imports and tackle a growing trade deficit but with 18,000 tonnes of gold already within it's borders could there be unexpected consequences?

I bought gold yesterday

Despite a great deal of uncertainty about my investment rationale, I bought some gold yesterday afternoon. I did it without consulting previous agonies over action vs inaction or anything else other than the price had  fallen below a level that had caused me to think about it earlier in the day.

New gold ETF gives retail investors access to real gold

A new physical gold ETF launched last week allows retail investors to turn their gold shares into 10g gold bars for 750 rupees (£9/$14) fee. It's only available in India but would an ETF like this work in the UK?

Should I buy more gold ETFs today?

The last time I looked (about 10.30am) I would have paid £1,019.43 including fees for 10 ETF Securities physical gold ETF shares (PHAU).

BBC Analysis explores a return to the gold standard

BBC Radio 4's Analysis: "What is money" includes a look at the debate about a return to the gold standard

1.8% error in ETF Securities' physical gold ETFs PHAU and PHGP?

There was a near 2% drop in the price of ETFS Physical Gold (PHAU) on Tuesday that didn't appear to correspond with the spot price of gold. The drop happened after a large trade of the ETF for the day (an automatic sell order  of 11,000 shares worth around £1.8 million).

iShares physical gold ETF spreads shot above 3%

Weekly ETF trading data from the London Stock Exchange show that physical gold ETFs make up the majority trading in exchange traded products and that spreads -  the difference between the buying and selling price of shares - for one of these physical gold ETFs rose above 3% at the beginning of the year.

Gold ETFs snapped-up in London on Thursday

Despite increasing fears that the gold price will fall further shares in UK physical gold exchange traded funds (ETF) were being snapped up on Thursday - with £60 million in net buying via automatic trades. After the London Stock Exchange closed the spot price of gold carried on upwards and is now trading around $1,658 or £1,056 after hitting $1641 lows earlier in the day.

Gold on Monday night 12 March

Not a very inspired go at a market report, just for my own reference. The price of gold was around $1,704 per ounce £1,089 on Monday night.

Gold on Sunday night 11 March 2012

BullionVault's market report from Friday is the only outline I've read of what went on at the end of last week.