Fresh and hot from ZH http://www.zerohedge.com/article/ho...ract-end-comex-gold-futures-trading-and-bang- Well friends, Seems like I have to load more both gold and silver, before serious SHTF
This is going to cause a huge spike in gold prices isn't it...the fact that you can get 100% verified real GOLD is a big deal in China since there are so many fakes and whatnot around :| Ah fun times ahead for us... $2000 gold 2012?
Despite this sounding all very well and cool in theory we have to remember that the biggest banks in Hong Kong are: HSBC JPM Morgan Stanley etc Who wants to bet that they'll f**k with the exchange doing some fancy crap
As I mentioned on my other thread... should make manipulation a little harder. Is anyone wearing their tinfoil hat and thinking that maybe it was because of this 'they' decided to smack the metals down hard while they could? My tinfoil hat is too tight and is restricting blood flow to my brain...
Either that or "they" decided it would be cool to be able to smack the metals down hard in two different time zones...
Good way to play devils advocate. I dont feel that the chinese would have a bar of it though. Or maybe they would if they could buy it cheaper? One things for certain though, The price will have to move up sometime for them to realise their gains/back their currency.
True that! I absolutely have no faith in the Hong Kong government to do anything properly though so...we'll see how this pans out. I think the rich and powerful in China will easily dwarf these banks on the HKMEX and their conflicting interests should keep the prices in check imo. There are also the big banks in China with massive equity but nothing to do with it such as ICBC & banks with huge equity such as China Construction Bank who have recently tried to expand over here in Australia but that seemed to have failed. Strange there's nothing on Wikipedia about this so I could be wrong and their expansion is just slower than expected.
IMHO China is testing the waters here..... and silver will be next..... watch their moves very closely..... HKMex set for trading debut on May 18 with 1 kg gold futures HONG KONG (Commodity Online): The Hong Kong Mercantile Exchange (HKMEx) has received authorisation from the Securities and Futures Commission and will make its trading debut on May 18, 2011 with the 1-kilo gold futures contract offered in US dollars with physical delivery in Hong Kong. The ATS authorisation grants HKMEx the right to offer market participants, through its member firms, the use of its state-of-the-art electronic platform to trade commodities. The Exchange will begin trading with at least 16 members including some of the world's largest financial institutions as well as several well-established brokerages in Hong Kong. "We are very excited about this historic day. It allows us to establish a liquid and vibrant international commodities exchange based in Hong Kong, linking China with the rest of Asia and the world," said Barry Cheung, chairman of HKMEx. "Global demand for core commodities has in recent years been driven by Asia, especially China and India. However, market participants in the region have had to rely on Western exchanges for price discovery, bearing the basis risk exposure in the process. Our new platform will offer Asia a bigger say in setting global commodity prices. It will also enable market participants to more actively manage their risk exposures, using products tailored to Asian market needs." HKMEx's broking members at launch include BOCI Securities Ltd, Celestial Commodities Ltd, CES Capital International Co. Ltd, Chief Commodities Ltd, ICBC International Futures Ltd, Interactive Brokers LLC, KGI Futures (Hong Kong) Ltd, MF Global Hong Kong Ltd, Morgan Stanley Hong Kong Securities Ltd, OSK Futures Hong Kong Ltd, Phillip Commodities (HK) Ltd, Tanrich Futures Ltd and TG Securities Ltd. Its three clearing members are Interactive Brokers (UK) Ltd, MF Global UK Ltd and Morgan Stanley & Co International Plc. Trading hours will run between 0800 to 2300 Hong Kong Time, overlapping commodity markets in Europe and the US. "This helps to promote cross-continent trading and boost liquidity," said Albert Helmig, president of HKMEx. "It also offers participants extensive opportunities for hedging, arbitrage and effective risk management." In the pipeline are standardised products which will either be physically or financially settled, covering precious and base metals, energy, agriculture and commodity indices. HKMEx is uniquely positioned to take advantage of the liberalisation of the renminbi in Hong Kong, according to a press release. "China's pilot scheme for the settlement of overseas direct investments in the Chinese currency has not only increased cross-border trade settlement and liquidity, but also created a strong demand for renminbi-denominated investment instruments," said Mr Helmig. All transactions on HKMEx will be cleared through London-based LCH.Clearnet a leading independent clearing house serving major international exchanges. HKMEx has attracted shareholders from around the globe including China's ICBC and COSCO Group as well as Russia's En+ Group, among others. "We are very fortunate to have such a strong shareholder base in addition to a board of directors who are of the highest calibre in their own fields. Our management experience, together with cutting-edge technology, market focused products, and Hong Kong's strategic location and infrastructure will ensure HKMEx a promising future," said Mr Cheung http://www.commodityonline.com/news...-May-18-with-1-kg-gold-futures-38544-3-1.html
Merged about four different threads today into this one... please keep all reposts of news about this announcement in the one place!
