Hi, Newbie and all I thought this might be of interest. http://www.ft.com/intl/cms/s/0/9d707c16-d191-11e1-bb82-00144feabdc0.html Let's see.
Cannot access the site you provided, here's more I found. By Leslie Hook in Beijing July 19, 2012 12:31 pm China is set to launch interbank gold trading at the end of next month amid a broader set of banking reforms, in a move that has the potential to boost demand for bullion in the world's largest consumer. A spokesman for the Shanghai Gold Exchange confirmed that the exchange "has this plan" to create an interbank gold market and was working with other government agencies to do so, but declined to disclose details of how the new market would function. Interbank gold trading would be an incremental step in China's broader banking liberalisation, which aims to modernise the country's banking sector and includes recent moves such as giving banks more freedom to set deposit and lending rates. "This will be a good thing . . . to add a new trading method and make it easier for banks to trade gold between themselves," said Gu Wenshuo, spokesman for the Shanghai Gold Exchange. The exchange will announce more details in August, he added. China is the world's largest bullion market, accounting for a quarter of global demand in the first quarter of this year, according to the World Gold Council, and strong consumer demand for gold has been driven by the lack of other investment options in the country's closed capital market. At present banks are not allowed to trade bullion, or any precious metals, directly with each other and can only buy gold domestically through the Shanghai Gold Exchange or the Shanghai Futures Exchange. However, about three weeks ago the exchange and other financial institutions circulated a draft of new regulations for interbank gold trading to solicit comments from commercial banks, according to a metals trader at a large Chinese bank.
Hi, Yeah sorry about that. Forgot that you need to register with the Financial Times, it's free however and not a bad thing to have to get access to some different perspectives from the UK. Good work on getting more content. Sorry not allowed to cut and past the whole thing.
Indeed. A long, long history of gold ownership. This from Kitco. Sort of like MF Global happening at the start of the Bull here. I doubt the Chinese Govt with their 'buy gold and silver' campaign is promoting paper purchases, so they'll probably hang this scammer and make a big noise about it to reinforce honesty. The upside will be the population realising 'if you don't hold it you don't own it" China Gold Scam Could Translate Into Higher Demand http://www.kitco.com/reports/KitcoNews20120720KB_china_gold_scam.html
Hi, There might be a bit more Central PRC Government involvement in a longer term Gold strategy than people currently understand. http://www.fxstreet.com/fundamental/analysis-reports/gold-investments-market-update/2012/07/19/ Worth watching.
