Gold gained Rs200 to touch an all-time high of Rs29,140 per 10 grams as the metal rallied in overseas markets to a seven-week high on concerns that European leaders will be unable to tame the region’s sovereign-debt crisis
New Delhi: Gold today crossed the all-time high level of over Rs29,000 while silver coins touched the record Rs68,000 mark in the bullion market here on strong demand propelled by ongoing marriage season and deepening financial worries, reports PTI.
Gold gained Rs200 to touch an all-time high of Rs29,140 per 10 grams as the metal rallied in overseas markets to a seven-week high on concerns that European leaders will be unable to tame the region’s sovereign-debt crisis.
Silver coins followed suit and shot up by Rs2,500 to an all-time high of Rs68,000 for buying and Rs69,000 for selling of 100 pieces.
Traders said heavy buying by jewellery makers to meet the marriage season demand and shifting of funds by investors to bullion from melting equity boosted the trading sentiment.
Gold of 99.9% and 99.5% purity surged by Rs200 each to Rs29,140 and Rs29,000 per 10 grams.
The metal gained 0.7% to $1,802.93 an ounce in Singapore, the highest level since 21st September. Silver also climb 0.5% to $35.13 an ounce.
Sovereigns also rose to record levels by adding Rs150 to Rs23,150 per piece of eight grams.
Silver ready spurted by Rs650 to Rs58,000 per kg and weekly-based delivery by Rs390 to Rs57,870 per kg.
Contrary to claims by Speak Asia and its panellists, the company’s servers were never taken over by EOW as they are located in Singapore
Even while the investigation against ponzi scheme Speak Asia, which duped people by promising easy income, is speeding up, company’s website which was non-functional for past few months, has become partially functional as it is allowing agents to log in and check their status. However, no transactions or changes are possible on the website.
Sources from the Economic Offence Wing, Mumbai and Hyderabad have confirmed that Speak Asia’s site is registered outside India and its server is located in Singapore, therefore they (the investigating agencies) have no authority to take it over. “(Speak Asia) Server is in Singapore and never officially controlled by EOW. So no question of handing back (the server),” said a top official while replying to comments by some Speak Asia panellists that EOW has handed back its server and so the site is functioning again.
Some agents, citing an official letter from Speak Asia, have been saying that since their server has been taken over by EOW, they cannot send surveys to panellists. (read more… Speak Asia says cannot send surveys as server is in police custody!).
According to the information from the EOW it is now clear that they never had taken control of Speak Asia’s server. Then the big question is how and why the company stopped sending surveys to its panellist? This also means that either the company itself or its big agents have been lying about the server and surveys. Speak Asia stopped sending surveys from 13th May and have also not paid any money since then.
As we have mentioned earlier, the company has not paid a single paisa to panellists since 13th May and owes them about Rs2,280 crore. This is the very same company, whose officials in a press conference in Mumbai had claimed Speak Asia was backed by very good technology and had plenty of servers to send the surveys.
The multi-level marketing (MLM) company came under the scanner of investigating authorities after it became known that it was promising easy income by merely filling online surveys. Interestingly, Speak Asia continues to claims that it would shortly set up permanent establishment with five zone offices in India.
Meanwhile, EOW is investigating the matter to build a case based on concrete evidence. Agencies from major cities such as Mumbai, Hyderabad, Delhi, Pune are currently involved in investigating the affairs of the MLM company.
According to the sources, major investigation was to find out the trail of money.
All panellists of the Ponzi scheme are eagerly waiting for their money they had ‘invested’ in Speak Asia for earning huge returns. According to investigative reports, almost half of the money collected by Speak Asia was transferred to Singapore, while the rest may still be in India.
The EOW had arrested Speak Asia’s financial consultant Sanjeev Dandona and Nayan Khandor, a Mumbai-based Web designer responsible for designing e-surveys. It was revealed that the survey, which the company used to send to its panellist were designed in Mumbai itself and not in Singapore as claimed by Speak Asia.
Meanwhile, according to the reports, the chief operating officer of Speak Asia, Tarak Bajpai has become untraceable after he was granted bail by Vijaywada Court. Speak Asia’s chairperson Haren Kaur and CEO for India, Manoj Kumar and several other top officials are still at large.
Franklin Templeton’s new fund offer will be open from 15th November to 29th November
Franklin Templeton Investments (India) said that it will launch a new open end income fund called Templeton India Corporate Bond Opportunities Fund (TICBOF), a unique fund focusing only on corporate bonds.
Corporate bonds offer relatively higher yields and those with a good credit profile offer an attractive risk-reward ratio. TICBOF has the ability to capitalise on these opportunities by an active interplay on credit, liquidity and interest rate opportunities. The new fund offer will be open from 15th November to 29th November.
Harshendu Bindal, President, Franklin Templeton India said, “Indian investors are looking for differentiated investment solutions in the fixed income space—this product with its focus on corporate bonds and relatively longer investment horizon, caters to this need.” According to the company, the fund helps investors take advantage of the current high yields and also potentially benefit from the capital gains once the interest cycle turns. The relatively high exit loads and a cap on maximum investment per folio make it a retail oriented product
Speaking about the fund strategy, Santosh Kamath, chief investment officer–fixed income, said, “Corporate securities have been a core part of our portfolios for many years and we have built significant expertise in this space. Given India’s rapid economic growth and the strong earnings track record of Corporate India, the interest in corporate bonds is likely to grow, both from domestic and foreign investors. The various initiatives by the RBI have led to an improvement in the Indian corporate bond market. Since the base rate of banks has moved up, many Indian companies are now looking at increased debt issuances as part of their funding plans.