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FUJI BULLION LIMITED (The Chinese Gold & Silver Exchange Society Member)

BULLION DAILY MARKET REPORT (2010-06-21)

ASIA/SINGAPORE, June 18/Gold held steady on safe-haven buying in Asia on Friday and was seen challenging its all-time high on a rise in physical bullion holdings, a weaker dollar and persistent worries about Europe's fiscal outlook. Holdings in the world's largest bullion-backed Exchange Traded Fund rose for the first time in a week to a record, as investors built up positions due to uncertainty in the global economy. Gold hit an intraday high around $1,250 on Thursday, coming within sight of its $1,251.20 record struck June 8, when investors poured money into gold due to worries the euro zone debt crisis would spread. Traders said volumes were thin in Asia, making it easier to move prices, with jewelers on the sidelines after making light purchases the previous day. Silver was steady, while platinum group metals edged down alongside industrial base metals. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings rose to a record high at 1,307.963 tones as of June 17 from 1,306.137 tones on June 10. Europe's fiscal problems are a risk that will have some effect on U.S. growth during the rest of this year and 2011, U.S. Federal Reserve Vice Chairman Donald Kohn told the Wall Street Journal. The euro held steady near three-week highs on Friday, as investors liquidated short positions after a robust response to Spanish bond auctions, while the dollar index fell to a 1-month low. U.S. data showed a decline in the Philadelphia Federal Reserve's mid-Atlantic manufacturing index while there was a rise in first-time jobless claims. U.S. crude futures extended losses on Friday as sluggish economic indicators raised doubts about the sustainability of a recent acceleration in demand growth by top oil consumer the United States, Spot gold rose as high as $1,248 an ounce in early trade, lifted by the firming euro. It stood at $1,245 an ounce up from New York's notional close on Thursday and up 1.6 percent for the week. Spot silver was at 18.75. Spot platinum was at 1,572 while spot palladium was at 478. "It looks like the price is going to get higher and higher. It has tried to break through $1,250 and I think it should go beyond that," said a physical dealer in Singapore. "I don't think people dare to sell it off yet." "I would expect a little bit of volatility in the week ahead. But I don't, at this stage, see any reason why gold will sell off, certainly not below $1,200," said Darren Heathcote, head of trading at Investec Australia in Sydney. "Looking at it technically, we could be aiming towards $1,260, but on support side, around towards $1,225."

EUROPE/LONDON/Gold rallied to a record high above $1,260 on Friday in late Europe as momentum triggered by buying of the metal as a haven from sovereign and financial risk pushed prices through technical resistance. The precious metal has risen nearly 15 percent since the end of 2009, fueled by sovereign risk in the euro zone, historically low interest rates, and concern over the stability of paper currencies. "Sovereign debt worries, central banks raising their holdings and record low interest rates keep attracting new buyers to gold," said Saxo Bank senior manager Ole Hansen. "The Goldilocks scenario continues. Risk-off helps gold through safe haven (buying), risk-on helps it as well through a weaker dollar." The dollar fell to three-week lows against the euro on Friday, and a one-month low versus the Swiss franc, pressured by disappointing U.S. data, which helped push U.S. Treasury yields to their lowest in a week. Growth concerns also pressured industrial commodities, with oil prices falling on Friday on signs economic expansion in the world's top two oil consumers may not be as rapid as expected, while base metals declined. Interest in gold improved, however, as the U.S. data raised concerns about the pace of economic recovery. Lingering fears over European sovereign debt levels are also burnishing the metal's safe-haven appeal. "We expect gold to continue to perform well given continued fiscal/debt challenges in Europe and the potential for this to spread to other regions," Deutsche Bank said in a note.Spot gold hit a high of $1,260.20 and was bid at $1,258 against $1,243 late on Thursday. Silver tracked gold higher to a four-week peak of $19.22. It was later at $19.19 against $18.67, slightly outperforming the yellow metal. Platinum was at $1,580 against $1,574, while palladium was at $485 against $480 having earlier hit a one month high at $490. The gold:silver ratio fell to its lowest since late May on a day-to-day basis, with one ounce of gold now buying 66 ounces of silver. The silver market, smaller and more illiquid than gold, tends to outperform the yellow metal when prices are rising.Holdings of the world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust, hit record highs at 1,307.963 tons on Thursday as investors continued to turn to physical bullion as a haven from risk."If both gold and silver continue to improve, we expect silver to outperform, thus moving the gold-silver ratio lower," said ScotiaMocatta in a note.

USA/NEW YORK/Gold futures climbed to a closing record high on Friday as more investors jumped into bullion's bandwagon, eager to chase better returns and wary of riskier bets such as stocks. On Thursday, the August contract gained 1.5% to the record settlement, which supplanted another high-mark closing achieved only last week, on June 8.  Gold has gained 2.3% on the week, notching its fourth straight week of gains. So far this month, prices are 3.6% higher and on track to post its third straight month of gains following May's 2.9% and April's 5.9% advances, according to FactSet Research. The June 8 record was met with some profit-taking, but the latest closing record was met with even more buying. Investors who waited for a pullback that never came jumped in, afraid to miss gold's run, even if it means buying at the peak, said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. "There's big money that wants to own gold," he commented. No one feels economic problems across the Atlantic and in the United States are really solved, Klopfenstein added, and are afraid of more credit concerns that "will show themselves in the future." Gold for August delivery rose $9.60 to settle at $1,258.30, surpassing Thursday's record close of $1,248.70. The contract hit a record intraday high of $1,263.70 in electronic trading, according to the CME, which owns Comex. Silver for July delivery added 41 cents to $19.18, the highest close since mid-May. July platinum added $15 to $1,587. Stocks opened modestly higher on Friday, seesawed in early session but found a firmer footing later in the day. The dollar index was flat at 85.69. Oil and other commodities such as copper were trading lower on Friday. "People are tired of their 0% T-bills, afraid of the stock market and afraid of the double-dip recession," said James Cordier, a portfolio manager at OptionSellers.com in Tampa, Fla. "People are pouring into gold even at this high level." Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago, said he's confident gold will keep breaking new ground in the near future, perhaps achieving $1,300 as early as July. "This has been a steady gain" on a sustainable pace, he noted, and many investors hold long positions in gold, or bets prices are going to go up. People are looking for investments where they can make money, perhaps not a lot of money, "but at least not lose money," according to Lesh. "At the present time, gold fits the bill."

Range $1260/$1225 Resistance/ $1260/$1280/$1300 Support$1225 /$1200/$1185.

FUJI BULLION LIMITED Chinese Gold & Silver Exchange Society Member

BULLION DAILY MARKET REPORT (2009-12-11)

ASIA/SINGAPORE, Dec.10/ Gold stayed level in Asia on Thursday as the dollar recovered some losses. Gold trader said gold's sell off continues and momentum remains down with gold having fallen nearly 10% in recent days from $1227 to nearly $1,100. Further falls are possible but strong physical demand will see gold well supported above previous strong resistance at the previous record high of $1,030. The toxic combination of surging public debt, sovereign debt risks for many nations (including large industrial nations) and concerns regarding the sustainability of economic growth and the growing risk of double dip recessions will lead to continuing safe haven demand. Gold's performance will be dependent on further losses in the dollar. Weakness in the U.S. unit boosts gold's appeal as an alternative asset, and makes dollar-priced commodities cheaper for holders of other currencies.Spot gold was bid at $1,127 against $1,128 in New York on Wednesday. Silver is trading at $17.80.

EUROPE/LONDON/ Gold edged lower in Europe on Thursday as the dollar recovered losses it made after from data showing a narrower-than-expected U.S. trade deficit and better continuing jobless claims cut risk-driven buying of the U.S. unit. Analysts say while the upward trend in gold that took the metal to record highs at $1,227 a week ago is intact, it is unlikely to revisit those levels before January. "Year-end considerations, book squaring, argue for further dollar strength, which will keep gold under pressure," said Calyon analyst Robin Bhar. "As we go into the new year, with fresh allocations, gold is one of the commodities that will be in favor due to a whole host of longer-term positive factors." Gold's performance will be dependent on further losses in the dollar. The dollar fell against the euro after a narrower-than-expected U.S. trade deficit for October and some improvement in jobless claims, but later recovered. Private banking group Pictet said on Thursday that gold was one of its preferred picks for 2010."Gold is the only asset class currently in a secular (long-term) bull market. It will continue to rally as long as confidence in currencies continue to be eroded. This will last for at least four to five years," said chief investment officer Yves Bonzon, who sees gold reaching "at least" $2,000 an once by 2015.Spot gold was bid at $1,125, against $1,128 late in New York on Wednesday. Silver was bid at $17.20. Platinum was at $1,415 while palladium was at $360. Oil steadied near $71 after sliding more than 2 percent to a two-month low a day earlier. Fears over the economic outlook and sovereign debt will also continue to support gold, analysts said. "There is still a lot of uncertainty next year, which will support the precious metals," said Saxo Bank senior manager Ole Hansen. "Gold will definitely have a decent upside and we will see new highs in the new year." The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings were unchanged on Wednesday after an outflow of nearly 14 tonnes a day before, their biggest drop since July. In India, the world's biggest bullion consumer last year, dealers say buyers are being tempted back into the market after gold's $100 an ounce retreat from record highs. "People are buying on dips," said a dealer at a Mumbai bank. High prices have weighed heavily on demand for gold this year in key jewelry buying centers like India and the Middle East. Global jewelry demand fell by more than a fifth in the first half of 2009, according to the World Gold Council. In supply news, South Africa, a major gold producer, said its output of the precious metal fell 5.8 percent year-on-year in October.

USA/NEW YORK/ Gold futures rose Thursday for the first session in the past five, after falling nearly $100 in the previous four sessions to their lowest level in nearly one month. "There is bargain hunting going on," said George Gero, a precious-metals trader for RBC Capital Markets. "We are stable and up for now with the dollar weakening." In economic news Thursday, first-time jobless claims rose by 17,000 to a seasonally adjusted 474,000 in the week ended Dec. 5, the Labor Department said. Economists surveyed by MarketWatch had expected initial claims to fall to about 450,000. The data earlier pressured the dollar, with the euro trading up 0.1% at $1.4752. The dollar has reduced most of its losses in recent trading, with the dollar index almost flat at 76.087. The dollar had remained stronger in the previous few sessions on worries about credit situations in some European countries. Standard & Poor's cut Spain's credit outlook on Wednesday to negative from stable. S&P had put Greece on negative watch on Monday, and Fitch on Tuesday downgraded Greece. "What is happening in Europe is exactly what we have been predicting for some time - a sovereign debt crisis across most Western countries that is just starting," said Martin Hennecke, associate director at Tyche Group Ltd. "Gold will increasingly take the role of a shelter from ... hyperinflation that will be the most likely outcome of these crises," he said, adding that the "metal is not just a dollar hedge, but going forward, will more likely take a much more significant role of being a hedge against the uncertainties and rising inflation risks of all of the world's major currencies." Also Wednesday, Moody's Investors Service placed the ratings of government-related issuers in the United Arab Emirates on review for possible downgrade. But Ned Schmidt, editor of the Value View Gold Report, argued that the climb in gold's price, at least for now, is "nothing more than a trading bounce from hitting $1,115." The price of gold "will not be done going down till it looks like it will never go up," he said. Gold for December delivery rose $5.30 to end at $1,125.70 on the Comex division of the New York Mercantile Exchange. The front-month contract lost nearly $100 in the previous four sessions, the longest losing streak in six week. The contract ended at $1,120.40 Wednesday, the lowest settlement since Nov. 13. The more actively traded February contract also gained Thursday, up 0.5% to $1,126.20. December silver rose 0.1% to $17.173, January platinum gained 1.1% to $1,424.50 and March palladium lost 0.1% to $365.10. Holdings in SPDR Gold Trust the biggest gold exchange-traded fund, stood at 1,116.25 metric tons as of Wednesday. Holdings tumbled more than 13 metric tons Tuesday, the biggest drop since July 14.

Range $1100/$1165 Support$1165/$1185 Resistance$1120/$1080.

**FOR INTERNAL REFERENCE ONLY**Headline news, commentary and analyst provided has been taken from market/public and other sources believed to be reliable and is provided by us in good faith. We have not verified and do not warrant or represent that such information is accurate, complete or fair, and it should not be relied on as such. Any opinions expressed only reflect our view at the date the opinion is given and are subject to change without notice. We accept no liability for any loss or damage howsoever arising by reliance on any information given.

FUJI BULLION LIMITED Chinese Gold & Silver Exchange Society Member
BULLION DAILY MARKET REPORT (2010-03-29)

ASIA/SINGAPORE, Mar.26/Gold gained half a percent in Asia on Friday after the euro rebounded
from a 10-month low against the U.S. dollar, while steady purchases from jewelers in Asia offered
additional support. Gold started trading at around $1,090 on Friday and hit an intraday low of $1,089
before stabilizing at current levels as dealers saw covering from jewelers and the industrial sector in
Asia as well as speculative buying driven by firmer stocks. In the physical market, jewelers pushed
premiums for gold bars higher in Hong Kong, while main consumer India was stocking up as the
wedding season begins again in April. Dealers also noted active buying from jewelers in Indonesia
and Thailand. Bullion has dropped more than $10 this week, mainly due to a rally in the dollar and
uncertainty over a bailout package for debt-ridden Greece, but an increase in ETF holdings showed
gold still attracted investors, as currencies remained volatile. The euro recovered from a 10-month
low after euro zone leaders agreed on a safety net for Greece, which included the IMF. Euro zone
leaders agreed on a joint European-IMF financial safety net for Greece after weeks of wrangling. Spot
gold was at $1,096 up from New York's notional close on Thursday. Gold had dropped to a 6-week
low of $1,084.85 on Wednesday but was above the 200-day moving average. Spot Silver was at 16.77.
Spot platinum was at 1598 while spot palladium was at 455. The dollar index hovered just below a
10-month high at 82.24 after gaining sharply in the past few days as U.S. yields have risen. The euro
rose against the dollar from late U.S. levels to $1.3340 after hitting its weakest level since early May
at $1.3267 on trading platform EBS. Oil climbed towards $81 on Friday after an agreement to create
a safety net for Greece. "We've seen physical buybacks in the market. It's not only in Hong Kong,"
said Dick Poon, manager of precious metals at Heraeus in Hong Kong. Sentiment was neutral
because a stronger dollar could still spur selling in gold but on the other hand, physical buyers were
happy to buy on dips, said Poon. "We're seeing strong demand on the physical side." "I do think we
might get a little bit of a recovery in euro which will help it. I still maintain the feeling that we'll see it
bounce again," said Darren Heathcote, head of trading of Investec Australia in Sydney, who expected
bullion to regain to $1,100 next week."Probably there will be more buying on the dips. We'll look the
trend to resume," said Heathcote, referring to physical buying.
EUROPE/LONDON/Gold extended gains in Europe on Friday as the euro rebounded against the
dollar after euro zone leaders agreed to create a financial safety net with the IMF for debt-laden
Greece, and as physical demand rose. Other commodities also benefited from the news, with base
metals and oil both ticking higher as the Greece news boosted appetite for assets seen as higher risk.
Euro zone leaders agreed on Thursday to create a joint financial safety net with the International
Monetary Fund to aid heavily indebted Greece and to try to restore confidence in the single currency
after weeks of wrangling. The euro recovered from a 10-month low and extended those gains after the
Greek central bank chief said he does not see Greece using the EU aid mechanism. Weakness in the
U.S. unit boosts gold's appeal as an alternative asset and makes dollar-priced commodities cheaper for
holders of other currencies. Spot gold rose to $1,102 against $1,090 late in New York on Thursday.
Silver was at $16.82 against $16.56, platinum was at $1,595 versus $1,597 and palladium at $455
against $450. "The euro gained back some value due to the Greece saga being sorted out," said Afshin
Nabavi, head of trading at MKS Finance. "We are seeing very, very good demand out of India and
now the Far East." "It feels like $1,100 may be top of the range for the moment. But my personal
thinking is that it could break, if not today, perhaps next week." "The EU agreement means that no
money will be forthcoming immediately, but at least there will be a back stop should Greece have
financing difficulties over coming weeks," said Credit Agricole in a note. "The fact Greece will have
to borrow money only at market rates, ongoing worries about other EU countries' fiscal problems and
ECB President Trichet putting somewhat of a dampener on sentiment by criticizing IMF involvement
in the deal have kept the euro under pressure,"
USA/NEW YORK/ Gold futures ended higher Friday, supported by a weaker dollar and strong
demand from Asian countries. The dip in the dollar also provided a generally supportive environment
for other metals. Silver, copper and palladium finished higher Friday, but platinum closed lower. Gold
also got a small boost after news of a spike in tensions on the Korean peninsula, as a South Korean
ship sank near the North Korean border, the trader said. Some stock analysts attributed the fall in the
U.S. stock markets to the concerns. South Korea said it was still unclear what had caused the accident.
Gold dipped earlier in the red right after a Commerce Department report showed a slightly lower
revision in its estimate for fourth-quarter gross domestic product. U.S. real GDP increased at a 5.6%
annualized pace in the final three months of 2009, revised down from the 5.9% pace reported a month
ago. Gold delivery for June, the most actively traded contract, added to end at $1,105. Friday's finish
helped narrow the losses for the week to 0.2%. Silver for May delivery closed at $16.91. Copper for
May delivery added to $3.40 a pound. Palladium rose to $455. Platinum, however, declined to settle
at $1,596. The SPRD Gold Trust gained at108.26. The ETF has declined 0.2% in the last three
months, but it is up nearly 18% in the past 12 months. Crude oil for May delivery, the most active
contract, finished at $80 a barrel.The dollar index fell to 81.71. The market again found some
resistance around the $1,100 to $1,108 mark, with some light profit-taking polishing off some of
gold's shine early on, according to Afshin Nabavi, head of trading at MKS Finance in Geneva. "But
we saw quite remarkable pickup on demand from India and the Far East," which bodes well for gold's
near-term prospects, he said. "We hadn't seen this kind of demand since Chinese New Year." The
demand mostly came from jewelers and traders who believed they found a bargain, Nabavi added.
Next week may bring some upward momentum back, said Zachary Oxman, a managing director with
TrendMax Futures. "I think we still have $10, $15 to the upside in gold," he commented.
Range $1150/$1050 Resistance/ $1150/$1200 Support /$1050/$1000.

**FOR INTERNAL REFERENCE ONLY**Headline news, commentary and analyst provided has been taken from market/public and other sources believed to be reliable and is provided by us in good faith. We have not verified and do not warrant or represent that such information is accurate, complete or fair, and it should not be relied on as such. Any opinions expressed only reflect our view at the date the opinion is given and are subject to change without notice. We
accept no liability for any loss or damage howsoever arising by reliance on any information given..