Quote from article "The launch of this new gold and silver exchange has flown under the radar, but certainly has my attention," said Maguire. "I firmly believe we are marking a pivotal point that will in very short order affect current precious metals price discovery dynamics." And those dynamics "will ultimately destroy the remaining short positions in both gold and silver," leaving the scheme exposed to the world as another example of a broken, desperate and corrupt U.S.-led global financial system. China poses as the largest threat to dollar hegemony, which now includes the Achilles heal of that privilegethe bullion market. For decades, the Comex and its cohorts at the LBMA have controlled the precious metals market, and was a regret of former Fed chairman Paul Volker that he didn't control the gold price more during his inflation battle during the 1979-82 period of runaway consumer prices. But that control is about to collapse, said Maguire. He expects the 1.3 billion Chinese, who, until 2009 have been banned from owning gold and silver in the People's Republic of China, will overwhelm the global bullion market now that the Chinese people can buy gold easily through their local bank. Because of the difficulty of unloading $2 trillion of debt assets in time before a dollar collapse, Beijing has decided to take a page out of Mao's playbook instead. "China is keen to diversify their cash holdings and is also encouraging citizens to make investments in gold and silver," Maguire continued. "The Pan Asia Gold Exchange is another step in this direction by opening up ease of access to physical gold and silver to their bank customers. This physical backed exchange is going to be a big game-changer. http://sgtreport.com/2011/07/how-china-intends-to-take-down-the-comex/
New pan Asian gold exchange-On the Edge with Max Keiser-07-29-2011 http://www.youtube.com/watch?feature=player_embedded&v=cU8VoafEb00
