New Shanghai Gold Exchange Set to Change the Gold Market
TND Guest Contributor: Nathan McDonald | Sprott Money Blog |
Chinese officials have openly been accumulating gold for over a decade. Many believe the end goal of this accumulation is to position the Yuan as the new reserve currency of the world, replacing the US dollar in the process.
The best method of doing this? The same way it was done originally by the United States, until they completely debased and made a mockery of their currency, make it as good as gold.
The idea of the Chinese Yuan supplanting the US dollar is not a new one. It has been in the talks for years. The question is, when will CHINA be ready to make its move and when will the world be ready for this global shift in power?
The time may be getting closer than we think. As Western officials extend and pretend, the East continues its accumulation of all things real. This includes, but is not limited to hard resources in the ground such as oil reserves and precious metals.
Not only has the East been on a crusade for real wealth accumulation, it has also been actively pursuing alternative trade deals; deals that don’t involve settlement in US dollars.
In the past, this would have resulted in swift military action from the West, but not anymore. As seen by the recent actions in the Ukrainian crisis, the West does not hold the power it once did.
In the coming months, the power of the West will slip once more. For over a century, the gold market has been traded and settled in the West. That is about to change. Competition is coming to town.
Inside sources state that the Shanghai Gold Exchange is set to launch next month. Shanghai intends on becoming an international trading hub for gold. The ramifications of this are yet to be seen, but it stands to completely change the gold market.
Bloomberg reports:
The Shanghai Gold Exchange plans to start bullion trading in the city’s free-trade zone on Sept. 26, according to three people with knowledge of the matter.
The people asked not to be identified because they aren’t authorized to speak to the media. Gu Wenshuo, a spokesman for the exchange, confirmed that the trading system is being tested, without giving further details.
Shanghai wants to become a regional bullion-trading hub, giving foreigners access to the world’s largest physical-gold market, Xu Luode, the exchange’s chairman, told a conference in Singapore in June.
The gold contract will be priced and settled in yuan and the infrastructure is in place for trading to start in the third quarter, Xu said in June. The zone will have a vault capable of holding 1,500 metric tons of gold, which can either be imported into China or be in transit to other markets, Xu said.”
The Chinese, unlike people in the West, appreciate the value and protection that gold offers. Their affinity of the yellow metal can only be rivaled by that of India.
The opening of this exchange is just one more peg in the coffin of the US dollar, a coffin that is quickly being sealed shut. The West needs to make changes, serious changes that politicians are unable and unwilling to make. The writing is on the wall. China is not coming, it’s here.
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Nathan McDonald writes for Sprott Money Blog, part of Sprott Money Ltd., a leading precious metals dealer selling gold coins, silver coins and bullion bars online and over the phone. As one of Canada’s largest owners of gold and silver bullion, the company’s goal is to facilitate ownership of precious metals no matter how big or small the portfolio.
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