The Shanghai Futures Exchange has opened, and is in direct competition with the COMEX. However, according to an editorial by Stewart Thomson titled “Shanghai Gold Volume Shock” it will not be fiat based to the degree that the COMEX is. This means the PM manipulative practices of the banksters at the COMEX are going to have a lot more difficulty keeping the POG where they want it to be.
Thomson states the following within the referenced editorial:
“…Public investors in Asia are generally “pro-gold”, while Westerners are generally “pro-fiat”. Institutional paper gold investors in Asia are more reluctant to sell into price declines than their Western counterparts, and they can be eager buyers of size! …”
Where this is going to lead is a complete destruction of the American dollar as a “reserve” currency. The Fed will lose all capability to sell worthless Treasury debt to places like China, which it has been highly dependent upon in the past. In turn ALL currencies linked to the dollar in the Euro zone will plunge together along with the dollar.
When you read the article place special attention to the massive volume at the Shanghai Futures Exchange upon opening that will only grow rapidly with time.