Goldman Sachs Statement on Goldman Sachs Commodity Index.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Goldman, Sachs & Co. released the following statement on the Goldman Sachs Commodity Index The Goldman Sachs Commodity Index (GSCI) is a world-production weighted index composed of 24 commodity futures contracts. The index is a composite index of commodity sector returns and represents an unleveraged investment through broadly diversified long positions in commodity . On June 7, 2006 Goldman, Sachs & Co. ("Goldman Sachs") announced that it intended to make certain changes to the composition of the Goldman Sachs Commodity Index ("GSCI GSCI Goldman Sachs Commodity Index GSCI Georgia School Council Institute GSCI General Starlight Co., Inc. GSCi German Scientific Computing Initiative GSCI Gulf States Counterdrug Initiative ") to respond to the transition from the New York Harbor New York Harbor, a geographic term, refers collectively to the rivers, bays, and tidal estuaries near the mouth of the Hudson River in the vicinity of New York City. This is sometimes construed in the sense "the Ports of New York and New Jersey". Unleaded Gasoline ("HU") futures contract Futures Contract An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties. to the Reformulated Gasoline Blendstock for Oxygen Blending ("RB") futures contract on the New York Mercantile Exchange New York Mercantile Exchange (NYMEX) The world's largest physical commodity futures exchange. . The announcement indicated that Goldman Sachs intended to implement this modification to the GSCI over the period from August to October, 2006, with one-third of the portion of the GSCI attributable to the HU contract being rolled into the RB contract during each of the months in that period. Goldman Sachs today reaffirms that one third of the portion of the GSCI attributable to the HU contract will, as announced on June 7th, be rolled into the RB contract in August, 2006. However, in light of current market conditions and the objectives outlined in the GSCI Manual, Goldman Sachs has determined that it will make further announcements as to whether and the extent to which, the remaining portion of the GSCI attributable to the HU contract will be rolled into the RB contract. To facilitate the establishment of the weights for the October GSCI futures contract, Goldman Sachs will make a further announcement on or before July 13, 2006. To facilitate the establishment of the weights for the November GSCI futures contract, Goldman Sachs will make an additional announcement on or before August 9, 2006. Goldman Sachs will continue to monitor market conditions and keep market participants apprised of its intentions with respect to the GSCI and the gasoline futures market, and will make additional announcements, as necessary or appropriate in connection with any further developments. |
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