mcJj, 19 c& 2007

Cj Cj cnCv ipl Dmuu iu[ SkwmWp ^[[ Hb[ (GOLD ETF) Ovu#cǮ hJu HyJj 2007 cO Yjldz iblJCk #$l Gcu. myv pvJj 2006 cO c᮳Du Hb[ kl HjHj kv lbv iu[ F&SH pv m kjCm hjJvi ou. n hjJvi olv myv vJJU cuc cu cubkv, pv jyJCm nCj K& Jijyyl kn c&o Iuv ou nl. c᮳Du Hb[cOu lp% l c&ob huv kv iblJCki pv kM yvJl F&u lJj iu J<&Yj Jj kjl nl. MJ yWck& D@m c@vpcW kbhvv yp cju DC HyJj 2007 lmN DJ[l Yjllu hnu iu[ F&SH pv m ku. l vJ Dn `iu[ yWck& SkwmWp ^[[ mkc` vJv Hb[ D@Hj (NFO) 23 HyJj 2007 hl GhuyO nl. Yjldz iblJCk #$lu Sk vJv hJ& m Pu. mvl iblJCk kv l piYjlu unv iblJCkojbv Ho kv n iu[ F&SH cU mbkuhv yWck& D@m c@vpcW kbhvǮ. Dl iu[ F&SH n iblJCkǮ h& Dmuu Yjl n pilu mlJ DC DMlu il oMlu hnu oM Pu Dn. yWck& BsES vblj Dl Dv l kj D iu[ n pv ypjl DCu Dn. 12 c& 2007 hl n pv iblJCkm Ku nl. h{ kk, yu&, , um DM Dvk c᮳Du Hb[bn iu[ F&SH lu.
iu[ F&SH GM :
 


iblJCkojbv (cKl: unv iblJCkoj) JM: mvl iblJCk kv lhmv cUCN hjlJ uY IC Hj ibliblǮ Dn. l ci&lu KKUi Go. kjh$l, YJlu {Glj, J, Jmn&l yyl m cnl vmuv iblJCkoj lk[ JUl vn. DM iblJCkojbv Sk vJvhC&, mJml DC mj#l Dm h& GhuyO kv oC n cKl: iu[ F&SH GM Dn. lcU iblJCkojbv mv mJl:pJU JC Ok v hlkjl lhmv cUCN hjlJ uY Il l. pv MDj ypjl Dbkl nl Dmuv (GOLD BeES c& omN hbOjJ[l j^dz Dj ypj-NSE Jj mƮy nCj Dn.) iblJCkojbv llv ynj h[C mh ci& (asy exit route) GhuyO Dml.
pilk h&Yc
SkwmWp ^[[ Hb[ n mbkuhv 1976 cO Gom Du. lJU cuYl cuc (underlying assets) n mcYi EkJ l voxMbk Dm. Dcjklu SEC u (mymjK D|Lk JJnjbJj vb$C JCj mbmL) iu[ F&SHu hjJvi oCm o J<x uiu DC 1993 cO pilu hnu iu[ F&SH pv mkj Pu. llu cuYl cuc S&P 500 n voxMbk nl. mv n cuYl cuc Dmuu GOLD ETF D@m^ul 2003 cO Lc m Pu. iu j J<l kjl yjǮ il Pu Dn. Dp pil DM ml pv MDj ypjl Dbkl Pu Dnl. lb [mWyj 2006 hl cuc Dn 57500 k h.
mvl iblJCkǮ kjC
1) Dcjkv ypjcOu mv箳 mO箳 oj lLu kbhvb mcYib YJbM luv ku lj Dm D{Uv l k mv mcYibh# Hj mJml Dn. pvJj 1980 cO lLu cK voxMbk Dow Industrial Average DC mv oj mjK nl- 850. Dp 27 J<v Do voxMbk 12000 h# pml Dn. (1392 kwk J{) DC mv 600 [@uj l Dm (29 kwk I)
2) mjkj kp&H[m v sh Mkl, hC mv ho k Mkl vn. (Dm cnu pl k pil Dphl lj Puu mv Sk ymky@u箳 hbiCJj jv Jl F&u.
3) uv HiJ箳 Ymcmj (inflation) mcv kjC mv n YJ Dm$ Dn. hM Ekcl kc nl lJn mv oj J{l. Fbiub[cO 1596 hmv 1997 hl箳 400 J<祮 kUlu mv箳 YJ DYm ku Dml Dm D{Uv Du Dn k, 1596 cO 1 Dbm mvcO p Flj i Kjo kjl l nl llkw 1997 cOn Kjo kjl l nl.
4) YlkUl vpj ku lj Dm D{Uv l k, mv箳 ojlu HjHj n mcYib ojb HjHjb J oMv nll. lcU mvlu iblJCk Dhu h&HucO mclu jKCm col kjl.
5) c cCl D|Lk EkJ mcpk GuLhuL nl l kUl mv iblJCk Hj uYo jl. DM kUl Flj cucb YJ ImjCm uill. hC mv cni nl.

Dl cuYl Mv Dm Dn k, mvl kuu iblJCk klhl HoMj Dn. pilu ov G lǮ lp%b cl pj Jjl Ilu lj, Sk cnCC Dn, h{ on J<l mv YJ 6000 [@uj l Dm nF&u (Yjllu Ekcl . 87400/- l 10 @c)- omNv Dhu 17 Su 2006 cbyF& Yl Jl&Ju Dn k, vpk YJ<l mv YJ 1000 [@uj l Dbm nF&u (Ekcl . 14500 l 10 @c). lp%b clyjyj pilk DL&JJmL J mv箳 KCǮ mO hjmLl Jjl Ilu lj mv箳 oj I[o[ DMǮ u jnCj Dm omv l. KClv vICj mv oJmWoJm kc nl uu Dn. GlKvv K&n J{l Dn DC lyjyj v J Yjl ov ilMu oMbcOu mv ijp J{l uu Dn. vJv KC lj kjCn Hj K|k Pu Dn. pilk DL&JJmLlu I[c[ mv箳 YJlu {Glju kjCYl Dmll. DuKl vc Dm Dn k, [@uj kckJl Pu k, mv JOjl. Dpclu [@uj yj kckJl Dn. DlbkJoJ׮ u{, piYjl Dmuu Dcjkv mv DH K&, J{l Jhj l, Dcjkv pvl K|k J= DM Dvk kjCbv l oM b[ kp&ypj Pu Dn. oj oJmiCk l kp&l 9000 k hb Yj h[l Dn. lcU [@uj Hjcubkv nC Dhjn& Dn, cnCv lp%b cl mvlu lp DCK on J<x lj jnu.
jMv yN c cCl mv Kjo u ku Dn. Kvp luhmv cUCN hjk uv yj c Yi l mv Kjom Ghil DCll.
v n Dpclm pilu Lc cbk ilMu oM Dn. iu j J<lu oohcv kcijcU l箳pJUu hjk uv m Sk ^v [@ujh# pml Dn. (Yjl 180 yuv [@uj) lm J<hJa v箳 hjk uv 95 kwk Yi n mv箳 hl Dm. n kwkJj Dp 1.3 kwk hl Ku Du Dn. mJ&mOjChC oM箳 hjk uv箳 5 kwk jkwkc mvl JC n Il Dn. lvmj vu Dpv 1700 v mv Kjo kjC DJMk Dn. mv箳 pilk J|<k Glhov Jj ku lj n ijp 75 kwkhl pl.
Yjldzb mv Dk<&C n pipnj Dn. iu kn J<lu cOc Ji& J{l DcovcU mv Kjo J{u Dn. uivk&l mvu Hj cnJ mLv Dn, oj J<&u nCN mcj 80 uK uivbcU [mWyj l chl Yjll mvu b[ ciC Dml.
DKl oMbcOn mv ciC J{u Dn. Kvp luhmv cUCN GlhV yj c Yi mv Kjom Ghil DCu pl.
mvlu iblJCkǮ h&
mvj h{- h{Jj cKv oivb Kjo ku pl. oivbyu箳 Dk<&Clv n Kjo nl. ll 15 l 25 kwk kjCJU Dml lcC ll lby J bo cmUuu Dml. Jklv kjCJU lj cUl vn. hC cmUuu Flj Olb I hk[u pl. y@C[[ oiv 2 l 3 kwk cni Dmll. L[kwl oiv Kjo kjlv 20 l 22 kwk pml YJv mv Kjo ku pl. lcU iblJCkǮ GMv oiv Kjo n vkmvǮ h& Dn.
iu[ SkwmWp ^[[ Hb[ cK JM
1) kc K&l mvl iblJCk
2) iblJCk cucl JJOl (Diversification of Portfolio)
3) mnp DC mh hl
4) mJC DC mj#ll kUp vn
5) hjoM&k cubkv
6) Ku pv
7) c᮳Du Hb[u ui Dmuu kj h$l
8) NAV mOjCl: ypjlu Sk @c mv箳 kclM Dvh
9) hjlJ (pv K& entry load Jp pl) mv箳 ypjYJlu {Gljvmj cUl.
10) MDj ypjl mƮy kuv l JJnj Flj kbhvb mcYicC MDj ypjl nll.
11) moj pvl fund creation unit vJ Sk kj Dml fund creation unit n 1000 @c Dml. c iblJCkoj v Hb[k[ hjlJC kv mkc ypjYJ J mv ypjlu YJ lu Hjk Ho IT Mkll (arbitrage). DM kj mcU ovn YJ mcv jKCm col nl.
12) H [c@ mJhl vdm GhuyO Dmuv oJCIJCǮ JJnj Jvmm nll.
Ovu#cǮ hJu
iu[ F&SH pv vJ mJC& cuc
iu[ yuv mkwj D@m^u 10.67 v
u@iP@j iu[ yuv mkwj 86.48 v
m^ ^@kwm iu[ F&SH 451.84 v
v iu[ yuv [yWm& 10.25 v
DMDj k@ckwm iu[ MDj 44.30 v
P[.k.y. iu[ F&SH 1.53 v
iu[m 0.3 v

yBkbcH&l Kjo
yBkbv mv KjoǮ J{l Dk<&C Ho Iu mJl ku Dn. cP cnlǮ vJv h{Ǯ (30 l 40 J<& Ji) Dvk nk yBkbcH&l mv vC Ill. lbpJU hm Dmll. hC Flj h&b cnl kv ICFlhl JU vml. yBk mv箳 Ml cCh$ oll nǮ nkb v mcOv yy Dml. hC lm yBk 13 l 22.5 kwk pml oj uJll. (k@hxjMv yBk 13 kwk- D.m.D.m.D. yBk 22.5 kwk- mjmj 17.5 kwk) yBk mv HjKjo kjl vnl. lcU iblJCkoju J kjlv mvj箳 h{Ǯ D IJ uil. mvj mOjCl: ypjYJ箳 5 l 7 kwk kc YJ ol cnCp nCN vHwlv mcj 24 kwk omN箳 KMl pll.
kc[ ckx
n h& Jjl ICpi Dn. ckxcO mv Ml DC Jpv yyl Mbk Iu JJ vml. [c@ m Dmuv mj#ll nc Dml. hjbl ckx u@ cC 100 @c J 1 ku Dmuv s iblJCkojbv mbOǮ uY Il l vn. ckx JJnj Hwm& [jJnJn kjl nl Dmuv C# iblJCkoj 10 kwk c|pv Yv iblJuu jkcJj yN c cCl vH cUJ Mkl.
iu[ F&SH HjM iblil vmuu DC mJ&kj mj#l Dm n h& Dn. unv iblJCkojn j mv箳 ypjl (Bullian market) iblJCk k Mkll. yWck& iu[ F&SH pvl pbv mJlǮ D@HjcO NFO 10,000 h iblJu Dnl lb vJ v vWoC ku pF&u, lJU ypjYJ pj 950 . l @c Dmu lj lJj 1.5 kwk Sb^ u[ uJv iblJCkoju 964.25 hb Sk v ojv 10.37 vdm ou plu. D箳 vWoCǮ hlcO L[ Hjk kjCl Duu Dn. mJlǮ D@HjcO 20,000 h iblJCN iblJCkoju v vWoC kjlv p ypjYJ Dmu lJj 2.5 kwk Sb^ u[ pj kjCl F&u. ypjYJ 950 . l @c Dmu lj 973.75 h l vcC 19475 hb 20 v iblJCkoj箳 vJ kjCl lu J ykǮ 525 h hjl ku plu. DM hjmLlcO v vWoC nl l oJmhmv l v MDjypjl Dbkl nF&hl mv ypjYJ l jnu lj l v MDj ypjlv IC mJml nF&u. kjC mOjCl: 0.70 kwk (ouu J Flj @kwm) po K& kv n v Il lu.
mvl Dmuu KjoǮ lko (purchasing power) kc mJh Dmuv YJ<lu K& (Go. uivk&, M#C F.) ljlo kjCm iu[ F&SH vcO hm iblJC uYok Dn.
ouh mcbl

dilip.samant@yahoo.com