nice to read some real news here instead of pumper/basher BS and apocalype now #$%$ like buying gold bars etc. this increased trade in paper gold/silver etc should make the management fees lower perhaps making long-term holding of GLD greater than 6% over the last 5 years.
Today the Chinese government backed Shanghai Gold Exchange (SGE) brought forward the launch date of its international gold trading platform which is hosted in the city’s free trade zone (FTZ). The gold trading platform will be known as the ‘international board.’
In a surprise announcement, the SGE said today that the international board will go-live this Thursday September 18, eleven days ahead of its original launch date of Monday September 29.
Forty members of the Exchange including global banks UBS, Goldman Sachs, HSBC and Standard Chartered, will participate in gold trading on the SGE’s international board, trading 11 yuan denominated physical gold contracts including the large 12.5 kg (400 oz) bar, the ever popular 1 kg bar and a 100 gram contract.
The location of the SGE international board in the Shanghai free trade zone is symbolic in that this location has been earmarked by the Chinese government as part of financial sector internationalisation strategy.
The SGE is also opening a precious metals vaulting facility in the free trade zone with a 1,000 tonne capacity limit.
In a related development yesterday, the Hong Kong based precious metals trade organisation, the Chinese Gold and Silver Society (CGSE) announced that they have been given permission by the Chinese government to construct a precious metals storage vaulting facility in a special economic zone in Shenzhen in China.
The CGSE is the the first non-mainland entity to be given such permission. The CGSE’s vaulting facility will have a 1,500 tonne capacity and will be completed by late 2016 or early 2017.
Developments in the Asian precious metals markets are continuing to advance at a rapid pace. The pace of developments changes daily as illustrated by the acceleration this week of the Shanghai Gold Exchange’s international board.
At NO time this year has gold made a single day gain that can be considered anything other than a puny deadcat bounce, contrived by the gold/silver CALL WRITERS to SUCKER the clueless small specs into buying gazillions of WORTHLESS gold/silver CALL options, again!!
It would take successive gains of 100 bucks (plus) per day to begin to suggest that very bearish gold trading action has changed in nature----and based upon gold's extremely bearish chart pattern, that is NOT going to happen, period! On a technical basis, it would require gold to break sharply above 1800 an ounce merely to "suggest" the possibility that a gold/silver bull is about to resume....IMPOSSIBLE IMPOSSIBLE!!!!
What is particularly pathetic about the current gold price is that it would take a nominal gold price of 2300 bucks per ounce today for gold merely to equal its REAL 1980 price (after taking into account 35 years of inflation)---and it's worse for silver, that would require silver to trade at 140 an ounce today merely to equal its REAL 1979 price (after taking into account 35 years of inflation).
Without doubt, both gold and silver are, in reality, THE worst performing commodities of the past 35 years, and possibly the worst investments ever. As I demonstrated, it is impossible to make REAL profits in gold and silver on any long term basis- and that FACT can NOT be refuted in any logical way
Tried to warn all my POOR sweet gold/silver cheerleader LOSERS and FAILURES.....and tried to warn all my POOR sweet Dow and Nasdaq BASHER SUCKERS and FOOLS!!!!
Now that is what I call excellent monetary policy from the Fed!
Exactly what I did :)
Sentiment: Strong Sell
Tried to warn all my POOR sweet amateur purchasers of the WORTHLESS Dow and Nasdaq PUTS......many times, again and again and again!!! LOL
These USELESS golds/silvers are genuinely WORTHLESS...and remains THE most obscene mega BUBBLE in USA trading history.
NOT even worth 5.00, in a best case scenario!!!!
this board has compleely been hijacked. any reall discussion or just repetive bashing? I will say gold cant buy a good day if it tried. the fed was predictable and dovish and gold still wentt down.... SO be it, more debt, stimulus everyday. just buying a few more months of this game.
I'm a long-term gold bull, but I see no reason to bear downside risk near-term. Recommend gold longs hedge risk and take money off the table here. http://seekingalpha.com/article/2502125-spdr-gold-trust-use-any-uptick-today-to-sell-near-term