China is allowing three more banks to import gold, for a total of 15 banks that now have that authority. [This is an effort to capture pricing power away from Western markets. China also is launching a bullion exchange in Shanghai in hopes of creating an alternative to the London fix, the current global benchmark for gold prices. We suspect that China’s leaders don’t really object to the current manipulation of the price of gold. It’s just that they want to be the ones who do it.]
Posted on: Sat, 23 Aug 2014 09:43:48 +0000
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