Shanghai Physical Gold Market in the Ascendancy.
In this report, I cover the early market action from London on Monday, October 14th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today being the launch of a cooperation agreement between the Shanghai Gold Exchange and the CME's Comex exchange I will talk about what that will mean to the gold market in general. The Comex gold futures along with the LBMA have been setting the price of gold for many decades. This price-setting mechanism recently has been proven to be heavily manipulated.
The Comex futures, even though it is technically a deliverable contract, trades like a bucket shop contract as there is hardly ever any physical gold changing hands and the same goes for the LBMA in London. So for all intents and purposes, the gold market price discovery is based on a paper price set by the bankers in New York and London.
The Shanghai Gold Exchange, on the other hand, has not been around for long but China is becoming the dominant force in the gold market and the SGE is actually a physical market. So my conclusion is that the fact that we will be seeing the Comex and SGE cooperate through listing new contract based on the Shanghai Gold Exchange price is a positive development for holders of gold as the physical market will become more important.
"SGE to Launch NYAuTN Contract, a Cooperative Project with CME Group": https://www.en.sge.com.cn/eng_news_News/543258
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sorry , flag abuse comment wrong to your post.
the abuse comment under the post
@downvoter, I have no idea what you are going on about. I have been posting my videos and articles on steemit for over three years. What do you mean by "flagged bid bot abuse"?
sorry , flag abuse comment wrong to your post.
the comment under your post
I cancel my downvote,.
It's just a new Chinese circlejerk pretending to be "cleaning" up the blockchain.
Note the constant upvote of their own comments.
it's not good for your words.
If this is your sincere words,it's only meaning that your flag activity is too hypocritical and double standard.
You don’t even know our scope and you have the audacity to proclaim what we do?
@tipu curate
Upvoted 👌
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Anything to breakup the COMEX and LBMA cartel can only be excellent good news, even though it is communist.
To me, it is just the start in getting back to a FREE MARKET.
flagged for bid bot abuse , or buy upvote
Everyone is responsible for purifying the community of steem
净化社区,人人有责
my 2% downvote just is a summons without punish.
我2%的downvote,只是传票,不是惩罚.
The summons is just a reminder that you need to be clear about what you are doing and be prepared for the consequences of your actions.
传票只是提醒您:您要清楚自己在做什么,并且要为自己行为的后果,做好心理准备.
we don't provide evidence at the first time, is not that we have no evidence, only because that we just do make a summons without punish, and at the same time, we don't want our summons result to the followers do Serious punish on that Clear evidence we provided.
我们不在第一时间提供证据,并不是我们没有证据,只是因为我们只想给出传票提醒,而不是惩罚,同时也不希望因为我们提供的证据,引导跟进者进行严重的惩罚.
we do make only a summons without punish!
我们只是给一个传票,而不是惩罚!
if you need evidence, we will give the evidence
如果你需要提供证据,我们可以提供
You got a 2.91% upvote from @minnowvotes courtesy of @agrostis!