Wednesday, January 17, 2018

China wants to steal from New

China wants to steal from the New York and London's leading position in the gold market

Without a doubt, China is doing a lot to
get more control on the world
gold market, but that he first
all have
circumvent the markets of New York and London. "Given that China
It is one of the largest owners
physical gold, it makes sense,
Chinese government launches its Shanghai gold market,
to displace the Comex and others. This will allow to become the main global mechanism
pricing"- says Anthem
Blanchard, chief executive
online market director
precious metals Anthem Vault.

China, after all,
- is the largest producer in the world and one
of the biggest buyers of the metal, which is shoulder to shoulder with India
the volume of consumption in the whole earth

Last month, Bank Of China became the first Chinese bank who
I joined a group of creditors,
which set prices at the bar
gold in the London Bullion Market Association, then another
Two Chinese banks have expressed a desire
to become members of this association. "This will allow
Chinese banks to participate in the gold
global market"- says
Dzhulian Fillips, founder

In March this year LBMA
Gold Price has replaced the historic London Gold Fix.
Previously, only New York and London as
Generally, there were centers for the establishment of
the price of gold. But after Comex in kind
expression has been held so little
gold, it distorts the picture of real demand
and suggestions, because the prices reflect
Only trade picture speculators
New York"- Phillips says. is he
pointed out that only 5% of the contracts
come on Comex. "Control over
the price of gold is carried out in New York City
and London, leaving at the mercy of China
these two centers, "- he said. Therefore,
despite the huge presence of China
the physical market, it has not had much
control over the global price of gold.

the price of gold did not find
Support lately due
recent drop in the stock market
China, but Blanchard said that if
Chinese investors are disappointed because
losses on its stock market, the prices
Gold can benefit from it most
favor. Meanwhile, the presence of significant
China in the global gold market also
can help the currency of the country. At the end
all, it can really help
China to operate independently of the United States. "Gold
- it is not just a commodity, it is "money"
and they are recognized by all the world
central banks ", - he added.

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