RUSSIA TO START TRADING OIL FOR GOLD

EDITOR’S COMMENT:
RTS bourse to start trading oil, oil products, gold on June 8 … real interesting news here. The way the Russians are setting up the trade of oil can be in “GOLD” not the EURO or U$. I’ll sell you oil but you pay me “GOLD”. When nations had to hold U$’s to trade in, the US was supported all the way … when gold becomes the trading medium what will happen to the gold value? Right now Gold has been forced back down about $90 by the IMF but when the lid finally blows this baby is going to rock.

RTS bourse to start trading oil, oil products, gold on June 8
16:03 | 22/ 05/ 2006
MOSCOW, May 22 (RIA Novosti) – The Russian Trading System, Russia’s
premier stock market, announced Monday that it would start trading in
gold, oil and oil products on June 8.
The announcement comes in the wake of President Vladimir Putin’s state
of the nation address May 10, when he said Russia, as a leading oil
exporting nation, should establish its own oil exchange to trade crude
and petroleum products for rubles.
“The first trading in contracts for gold will commence in Russia on June
8,” the RTS said in a statement.
The stock exchange also said it would start trading in futures and
options on oil and oil derivatives, including Urals brand, diesel fuel,
jet fuel and fuel oil. Trade will be in rubles based on prices
calculated by the Platts agency. The settlement period for a contract is
one month and the minimum security guarantee on a contract is 10% of its
overall value.
The derivatives section of the RTS, known by its Russian acronym Forts,
will trade futures and options on gold in rubles based on the London
Stock Exchange evening fixing rate. The settlement period for a contract
is one month and the minimum security guarantee on any contract is 5% of
its overall value.
The statement said RTS would collect a 1-ruble commission for each
concluded contract.
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