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China starts gold fixing in bid to expand global market sway
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
gata.org / 2016-04-19 10:49
From Bloomberg News
Tuesday, April 19, 2016
China, the world’s biggest producer and consumer of gold, started a twice-daily price fixing today in an attempt to establish a regional benchmark and bolster its influence in the global market.
The Shanghai Gold Exchange set the price at 256.92 yuan a gram ($1,233.85 an ounce) at the 10:30 a.m. session after members of the exchange submitted buy and sell orders for metal of 99.99 percent purity. Members include Chinese banks, jewelers, miners, and the local units of Standard Chartered and Australia & New Zealand Banking Group Ltd., according to the bourse.
China has overtaken India as the largest consumer as rising incomes and surging economic growth boosted purchases of jewelry, bars, and coins. The central bank has also been adding to its bullion holdings in a move to diversify its foreign-exchange reserves. The country’s plans to develop a benchmark to rival the twice-daily London auction may be hampered by capital controls.
The post China starts gold fixing in bid to expand global market sway appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/04/19/china-starts-gold-fixing-in-bid-to-expand-global-market-sway/
