06.05.2016 - China Is Laying The Foundation For The Next World Gold Standard System
On April 19, the Shanghai Gold Fix officially began. The pricing mechanism is intended to be a replacement for the London Gold Fix, the primary price-discovery mechanism for gold bullion today. The London “bullion” market is not a market in bullion. Rather, it is a market in “unallocated” gold, defined as an unsecured liability of banks. In short, it looks suspiciously like an exercise in paper-hanging. The London Bullion Market Association claimed 21.95 million ounces of “net” clearing per day on average in 2013, worth about $27 billion. Estimates of “gross” trading are considerably higher than this...............................................Full Article: Source
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