Sharekhan Commodities Buzz dated December 28, 2006

[Sunil]

 

Commodities Buzz [December 28, 2006] Please see the attachment for details Share khan www.sharekhan.com

Summary of Contents   COMMODITIES BUZZ Bullion: Time to accumulate, contrarian view positive for the metal Gold continued its climb yesterday on the back of week greenback and the Iranian issue. As we have been maintaining and as have been confirmed by the recent BIS reports, the Middle-East nation's plight continued to affected the euro. The dollar pulled back after the United Arab Emirates said it will increase the amount of euros in its foreign reserves to 10% from 2%. This further re-iterated our view on forex reserves diversification to non-US currencies, triggering further buying into the metal.

Regards, The Sharekhan Research Team myac...@sharekhan.com

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