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Hong Kong Mercantile Exchange's 1 Kilo Gold Contract To End Comex Gold Futures Trading (And "Bang The Close") Monopoly
30 years ago, Bunker Hunt, while trying to demand delivery for virtually every single silver bar in existence, and getting caught in the middle of a series of margin hikes (sound familiar), accused the Comex (as well as the CFTC and the CBOT) of changing the rules in the middle of the game (and was not too happy about it). Whether or not this allegation is valid is open to debate. We do know that "testimony would reveal that nine of the 23 Comex board members held
short contracts on 38,000,000 ounces of silver. With their 1.88 billion
dollar collective interest in having the price go down, it is easy to
see why Bunker did not view them as objective." One wonders how many short positions current Comex board members have on now. Yet by dint of being a monopoly, the Comex had and has free reign to do as it pleases: after all, where can futures investors go? Nowhere... at least until now. In precisely 9 days, on May 18, the Hong Kong Mercantile exchange will finally offer an alternative to the Comex and its alleged attempts at perpetual precious metals manipulation.
From 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.
And while the Chinese market is far more bubbly when it comes to gold and silver purchases, it remains to be seen just how happy a gambling addicted Chinese population will take to spurious and conveniently timed margin hikes that take the air out of the next parabolic move up in gold and silver (our guess is not very).
Far more importantly, the Comex monopoly appears to be over, and going forward the exchange will have to be far more sensitive about angering broad swaths of the population using 5 consecutive margin hikes in 9 days. The new exchange will also make the now traditional "banging the close" operation (or "banging the whatever" as the May 1 15% drop from $49 to $42 in minutes demonstrated) obsolete, as traders will have options of where to route orders from the hours of 0800 HKT to 2300 HKT.
Bottom line: if Chinese demand for gold and silver is as strong as it was a week ago, and it is, the recent Comex-directed plunge in precious metals is about to the BTFDed.
From the HKMex:
HKMEx is introducing a 32 troy ounce gold futures contract useable by a wide range of market participants to execute hedging, arbitrage and other investing strategies. Moreover, the HKMEx gold futures contract has the following important characteristics designed to meet the needs of a marketplace which lacks an international price-setting mechanism in the Asian time zone:
* Secure physical delivery in Hong Kong meeting international standards
* Trading execution on an advanced and robust electronic platform
* World-class clearing functionality
* Extended Asian day trading hours to tap into global market liquidity
* Contract specifications tailored to market participants in AsiaGold is one of the world’s most important and actively traded commodities. Demand for the metal is driven by three main factors: the jewellery market, industrial manufacturing and financial investment. In addition, gold is relatively unique in that it is used as both a commodity and a monetary asset.
Although gold has a long trading history in Asia, the majority of price formation for gold is today concentrated in the North American and European markets. In recent years, the introduction of gold futures trading in Asia has tapped into latent trading demand that is primarily driven by strong economic development in China and India.
Hong Kong is historically one of the world’s leading gold centres and has a natural geographical advantage in Asia. Hong Kong’s vibrant financial infrastructure ensures access to leading market participants and deep regional and international pools of liquidity.
Trading hours for the HKMEx gold contract will extend from 0800 HKT to 2300 HKT, opening with TOCOM in Japan and encompassing the London Bullion Market Association AM Fixing, the opening of COMEX, and the LBMA PM Fixing. The HKMEx opening auction will run from 0730 to 0800.
While gold futures trading on Asian exchanges has demonstrated significant growth, there is currently no contract that is or will likely become a regional benchmark contract for gold pricing. Without a regional benchmark, true price discovery for gold is either confined to the local in-country market or must depend on the European or North American markets. In-country markets generally restrict foreign participation and often subject it to adverse currency restrictions or tax treatment. Meanwhile, global benchmark pricing from the western hemisphere provides imperfect hedging for Asia’s trading community.
HKMEx is well positioned to address the demand of Asia’s trading community for the establishment of a gold futures contract as the regional benchmark.
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The so called free market as currently styled hates competition.
of course ... monopoly profits, bitches!
No need to worry, there's enough Tungsten to go around for everyone.
East vs. West. I'm going with the East.
Game over JP Morgan & BoA.
The CME/CRIMEX, Tiny Timmay and the CFTC clowns will say that this is ATTEMPTED MANIPULATION of the precious metals by the Chinese. I am sure that CNBS will be forthcoming with an objective assessment.
Leverage :) Don't piss off asia.
Care to explain?
Just as the situation in europe, the US and asia are in an abuser-dependent relationship..... asia supplies the debt, and the USA buys their wares. This made them partners in bullshitting themselves: The US needed asia for imports and debt, and asia needed the US for exports.
But the USA, in its grandiose arrogance, did not just politically not behave like a "dependent"... it started going nuts on its debt and own currency.... making it unambigiously clear that it doesn't fucking care about debt..... asia is now responding by ejecting its part of the contract...... and hedgeing against the incoming danger of US default.... if the US now tries to stop asia from protecting itself against the US financial meltdown... what will asia do?
This is TNT..... you do NOT want to light the fuse in this setup.... it will trigger an all out economic war between the US and asia.
Simply put you mean that Asians are dumping American treasuries and purchasing Commodities & PM with it on leverage?
Asia has been buying PMs like mad, since the US removed the last doubt, that it will inflate into oblivion and then default. They're in the process of preemptively doing damage control.... because if this, they have not yet dumped bonds...... if the US tries to stop asia from doing damage control, and thus pushes it with the back to the wall regarding the bond situation, then what reason has asia left, to not pull the trigger?
Or in other words: M.A.D.
Well one way they can protect their hard earned money is to take advantage of this recent Silver 'crash' and vacuum up as much Physical Silver & Paper Silver as possible.
Yes, and they would prefer to do this according to their own rules, rather than the rules the west makes up. If the west denies asia this, then the west can control how asia trades metals. If you were asia, would you be satisfied with the survival of your economy being in your enemies hands? An enemy who already showed that it does not cooperate with you on the matter?
Well China is in for problems if they really do try to protect their USD wealth. USA is going to retaliate, harass & maybe attack them? Look what happened to Saddam when he wanted to trade his petroleum in Euros. Look what has happened to Gaddafi after he demanded he be paid in Gold/Silver for petroleum sold to Europe & USA. Look what happens to just the average Joe who purchase Paper Gold/Silver they are basically labeled 'terrorists' and these TBTF banks try to flush them out with all these games.
Could saddam nuke the US economy whenever he wanted? I think you didn't get my main point. The US could nuke asia by defaulting now..... asia could nuke the US by dropping bonds now.
US indicates that it WILL default in the future...... asia begins damage control against this.
You next move as the US? Interfere with their damage control? VERY clever! haha kaboooom.
Well what comes after is war. I just think that a war between China/USA would be terribly destructive for the entire globe. I hope USA will allow the Chinese to protect their hard earned money without interfering.
All I am wondering is if my Silver would last if the entire planet was eradicated?
if they really do try to protect their USD wealth. USA is going to retaliate, harass & maybe attack them
MY ANSWER
http://www.tinyurl.com/4k4yxb8
Rynak.
Yup, Run silent, Run deep.
Ease out of the Bonds, and T Bills( do not want to start a panic ,and have everyone dumping), then all are losers.(overseas holders).
The old Bologna Theory.
You have a whole 5# tube, I ask you for half, you say no way!.
Then I ask for a SLICE, that sounds reasonable, so you give a slice.
Each time I come back, I ask for another rslice.......until I not only have half, but ALL your 5# Tube.
Same principles at work here.
The best part of this set up, is the asses here cannot control the HK Mkts.
They cannot run the scam that crashed the Commods.
They must be buying Depends by the case.
NOW we have somewhere else to go, that cannot be manipulated by the three dikwads that took sliver down, and the rest of the Commods.
Justice grinds slowly, but it GRINDS.
'Tit for Tat' USA is slowly inflating its way out of its debt and China is slowly at every dip vacuuming up more PM.
Exactly :) Hey, it would even be clever if China played the google-card here and played "nice". It would attract the majority of the PM market, gives the small and medium guys a wonderful playground, all the while slowly but constantly sucking its needs from the market.
How smart! Why buy silver in the US for less?
http://www.guardian.co.uk/news/datablog/2011/jan/18/us-federal-deficit-c...
We could tell you why, but you still would not grasp the reasons.
"Why not just label them 'foreign terrorists' and put every employee there on a CIA list over people to harass just like they do in EU and USA?"
US citizens may be prohibited in opening accounts there. The IRS in your face
That would be par for the course. Timmy and his bankster friends have greatly enriched themselves on the back of the poor and now the middle class (because the middle class is becoming poor too). If the upper/lower middle class and poor had a collective wallet--there is not much left. How many times can the fed and timmy and the banksters sock it to people who cannot pay? How far into slavery err-debt can they put us before we cannot go any further? What happens when they reach the real tipping/breaking point?
Ok--a bunch of rhetorical questions.
No one knows for sure. I cannot stop wondering to myself - how does this end?
gawd, just make it 24 hours already...
true and honest competition is elixir for the truth
Makes total market sense. When an Asian trader takes delivery...HK is a lot closer than Chicago. Plus the US Gov't will not be able to block the gold delivery to China.
When the communist Chinese Gov't sell US bonds and buy gold (have been building the position for at least a year) in an accelerated fashion that will be a two fer for Bernake and his financial astronauts.
Will Ben climb out of his QE^ moonshot capsule when he realizes that a centrally planned, communist Gov't has snookered him in capitalism 101?
@ clowns on acid;
Each day it seems your (owners / masters / leaderz) could use some central planning, even if it were to come from the North Koreans, or from Robert Mugabe.
I trust Hong Kong more than the crimex or da manhattan bankstas but that isn't saying much.
Never trust anybody.
Make them compete instead.
@topcallingtroll;
We forecast a short, miserable existance for you in Asia.
I hope not.
I love asians. Disciplined, studious, conservative, but a bit naive at times.
My wife and i have some taiwan couples on our "website" wanting to meet us someday. We are hoping to meet them at some point and have a swinging good time.
If there were more interracial sex the world would be more peaceful.
@ top,
Absolutely right.
I'll still take the physical though, thanks.
Wow! I can't afford to risk having anything in FRN's beyond a few months bill money. And I concider ETF Silver little more than roulet.
In silver I trust. BTFD!
txsmith,
Well, before the foreign mkts open here at 5:00 CST, you had better place orders for Slvr, and Gold.
Because the DIP is over.
When the bells ring in NYC a.m., the prices are taking off.
Tonight is your opportunity to get a taste of the last dip.
The Libyan rebels lost all their fuel when Gaddafi blew it up. This disaster for NATO is sure to push oil prices up along with all other commodities. Add the fact that the only two choices for NATO are equilly bad. Put troops on the ground in Libya or quit and leave.
You'll feel much better.
So, does this include silver too?
Apparently not yet
The couldn't get a Comex delivery for an order that large.
Yeee Haaa! Quite an interesting tale about short interest "officials" changing the rules for profit.
Who the hell ever said that the US has the most transparent markets? Lets hope the
Chinese are better at transparancy and put the manipulators in the poor house.
In China they have these nice re-education camps, where inconvenient people just "vanish" and show up only after 1 year again, not capable of speaking in coherent sentences anymore.
A-harrharrharr !
@franken_stein;
What's the difference between that and your "schools"?
Ni hao, xiongmao.
Ni zenmeyang ?
+++
ROFLMAO!
Bon mot.
It sounds more of "sharing of the ponzi".
Don't forget, if anyone has ever learned, these are the most powerful elites on the planet.
Hong kong is now "cut in on the deal".
Sure, a lot of growth has spurred from there productivity capacity, but where that real growth appears, many $$$money games can flourish and fester into big time banker bonuses and you have all seen the rest.
Why worry about settlement issues when you are now in a system that will pay you by the minute, hour, day, etc, til the system goes "poof"?
It is not competitive equalization, it is coordinated domination.
Buy more toilet paper.
The way I see it is that if China manipulates gold prices will be for a different reason than Ben.
Ben wants to supress so that dollar hyperinflation appears tame.
China wants to supress temporarily so that they BTFD and accumulate. Whoever has the gold makes the rules.
ding ding ding... we have a winner. JPMorgan and HSBC may be suppressing precious metals, but if the Morgue is an agent of the Fed, guess where HSBC's allegiances lie? London and Hong Kong....Whoever the perps are, silver is like a coiled spring about to be released when the silver shortage intensifies.
Well said. Let's just see how it plays out.
I believe that when China has enough of the yellow stuff to be a force in terms of PM's, rare earths, owns enough rich mines of all commodities all over the world, they will be formidable in the next financial upturn and PM prices will be where they should be (in dollar terms). By then maybe the Yuan will be the currency to be in. (perhaps partly backed by PM's and other commodities)
Sounds fantastic, will COMEX be accusing HKMEX of rigged, unfair trading practices? hilarious
grab some popcorn
Let's ZH name. We shall call it the KongMEX.
Hokomex
Chimex/Crimex
ZEROMEX
Thanks For your input! Trade well. stay of the oil boat.
Aye mate
I predict that in 8 days, precisely, Hong Kong will get nuked due to some kind of "terrorist threat" which needed to be eliminated.
Personally, I applaud the asian quarter for taking control of thier futures (pun intended) and swiftly divesting themselves of the US$ via gold, silver, oil, copper, etc. Something has got to break the back of the fetted, purile corpustulances known as Washington and New York...and who ever it is that suceeds in doing it, I cheer them on heartily.
If hong kong gets nuked, the USA gets economically nuked the next day.
Again, leverage. Don't piss off asia. I may not like those large market makers, but give me a competition of marketmakers, over a centralized cartell, any day!
I was joking about the getting nuked thing...kind of. StRaNgE things have happened to those who publicly try to break up the western world's cartels.
The US's foreign policy works like this:
Is their dick even half as large as ours, so that they could inflict massive losses on us?
Then respect them.
Else treat them like shit.
HAARP is the new NUKE.
The enemy of my enemy is my friend?
Serious inflation in the US - no more dollar as middleman. . What currency is the exchange going to be working with ? If not the dollar that means trouble . What other commodities are going to be traded ?
who do i write to in Hong Kong to say thank you?
Never mind. They read this blog daily.
Kudos to Tyler (whoever he/she/they is) with my greatest respect and appreciation Tyler(s)
Every once in a while, (I take notice) An Oracle has the ability to help ( Nobility)
Do you Kypseli?
??? You can buy gold contracts in London and Frankfurt as well, no need to wait for Hong Kong?
London is supposedly as corrupt as the COMEX. Due to its position in the West, I would suspect that any corruption that has spread between London and New York has also gotten into Frankfurt.
With this news, I can no longer predict what will happen to spot prices. This will be a clash of the Titans. We won't know what will happen to anything until it is over--or at least until it starts. I think it is safe to say that it would be best to continue holding PMs, and maintaining silver heavy allocation for now.
You can't lose something you never had (your ability to accurately predict anything)
Sure I can predict and have for years.
Any market vehicle will either go up, down or stay the same.
After that, it is too far complicated.
If I couldn't predict it, then why am I up 400% since I started investing in silver, and up 200% against my cost average?
Maybe someone with the attention span of a gnat shouldn't think too hard about that. Your hair might catch on fire.
bob dabolina is only a boy take his comments as such
Once the Swiss capitulated, game over Western world.
Asian Markets are the last bastion of freedom.(they are the only one's we cannot blackmail).
City of London = Square Mile = Rothschild fiefdom with own mayor.
Yes my friend, parts of London north of Thames don't belong to Great Britain.
The London gold A.M./P.M. fix was incepted by the very London branch of the house of Rothschild,
in case you didn't know, to be performed at N.M. Rothschild, St. Swithin's lane.
Same goes for Scotia Mocatta, which is a Jewish gold dealer and explorer with its origins in London, later then branching out to Canada.
The gold market in London is a Jewish invention, as well as the Stock Exchange.
Keyword:
Royal Exchange (non-Jewish) vs. London Stock Exchange (LSE, Jewish)
But nice try.
Plenty of gentiles running the City show now, believe me.
employees.
loyal to paychecks, and the "insider" info their jobs appear to allow, so as to increase perceived wealth. . . all parasites though.
The Hong Kong Mercantile Exchange (HKMEx) has received authorisation from the Securities and Futures Commission...
The Securities and Futures Commission of what country provided said authorization? HK?
Seems like this would be a bigger deal if they were trading in non-USD currency.
Yeah, I dont like the pricing in USD..Fuck that...
depending how you look at it, it maybe a good thing china has plenty of usd to throw at gold and silver
Securities and Futures Commission
hksfc.org.hk
Unified regulator for Hong Kong's financial marketsUSD . . . for now. They're just slipping it in slowly, like gentlemen.
Will this mean we will never get another 30% manipulated buy opportunity?
I am catching the knife now and stacking. I LOVE manipulation!
"However, market participants in the region have had to rely on Western exchanges for price discovery, bearing the basis risk exposure in the process."
One of the most fundamental characteristics of a functioning market. Ironically, most participants don't realize it left.
You and " I shall talck soon"
lol
Yea as if China of all places is the purview of a pure market where manipulation never occurs.
rofl
Guess at least we're going to have competition over who can manipulate what better.
You are missing the point, as usual.
China will thwart US policy to assert its dominance. China is also likely to use this exchange to suck any and all gold out of the West at the maximum rate possible.
And you missed the point as usual.
You're going from 1 entity that manipulates price to another entity who is going to do the same fuckin' thing.
Go to your room and bang your head against the wall.
See my comment above. #1253766 in which an explanation is given of the different reasons for manipulation.
SZS Stay Strong!
lol, you think the US and China have the same policy objectives, ie maintaining US pre-eminence.
Good luck with that thesis, dumbshit.
What I see is more like US policy is thwarted by a higher global policy.
US policy, that of a strong dollar, full employment, animal rights? LOL on the fucking floor til I puke.
Geez T, can't you see the submissive position you are standing in? I mean bending over to, really.
tmosley... Right on!
You have put into a few words what few realize.
"China is also likely to use this exchange to suck any and all gold out of the West at the maximum rate possible."
Exactly what is happening and 'not one man in a million realizes it'...
In future I expect the Chinese to encourage, through the SCO, a regional currency backed by PMs. We are witness to the formative stages of this new currency.
http://www.youtube.com/watch?v=XuSS2OzZ9kU
I left a note, topside. the roof is weak.
watched the thread. It's like the Mining towns of the 50's in the United States!
- it will look the same in 2050.
- but much worse.
We will be very old. *(OUR KIDS)
I hope so. BTFD! I love the manipulation. It is in the favor of the physical buyer.
Paper buyers know the risks or should, so PLEASE SLAM SILVER TO $5.00!
MAKE MY YEAR!
Some people have already made profits and want to sell now. Too selfish to wish for a drop. Always wish higher as long as the dollar goes lower.
If those slanty eyed fuckers are good at one thing, it's copying.
Hmmm, the last time it was opium, maybe the pm's this time?
http://en.wikipedia.org/wiki/Opium_Wars
The salient point:
Low Chinese demand for European goods, and high European demand for Chinese goods, including tea, silk, and porcelain, forced European merchants to purchase these goods with silver, the only commodity the Chinese would accept. In modern economic terms the Chinese were demanding hard currency or specie (gold or silver coinage) as the medium of exchange for the international trade in their goods. From the mid-17th century around 28 million kilograms of silver was received by China, principally from European powers, in exchange for Chinese goods.[10]Britain's problem was further complicated by the fact that it had been using the gold standard from the mid-18th century and therefore had to purchase silver from other European countries, incurring an additional transaction cost.[11]
In the 18th century, despite ardent protest from the Qing government, British traders began importing opium from India. Because of its strong mass appeal and addictive nature, opium was an effective solution to the British trade problem. An instant consumer market for the drug was secured by the addiction of thousands of Chinese, and the flow of silver was reversed. Recognizing the growing number of addicts, theYongzheng Emperor prohibited the sale and smoking of opium in 1729, and only allowed a small amount of opium imports for medicinal purposes.[12]
In other words, Westerns are murdering drug dealers, to support their money habit.
Sheh Sheh ! China... Who needs WS
i always buy gold at the coin dealer.. I am an addict... no substitutes for me... no thank you.. I want to see directly what i get when i hand over the paper money
Yes, to all five of your sentences.
If China can convince the world that it can provide a more fair market place than the west, then money will go there. That is just the facts of the matter. No one likes to get fuqued over repeatedly.
And you guys think that the prices can't be manipulated in Hong Kong? Last I checked, HSBC is headquartered where? Nothing to see here. Moving on......
The way i see it , the west can manipulate the PM s market fine on there own.Gold should be $1000 s higher already, but here it is barely keeping up with real inflation.
They dont need HKs help, and i dont think they will get it.This has to be good news for PM bugs.
Regards
Ozzy
HSBC is headquartered in London, as you would expect for a British bank. Or was that your point?
If you haven't seen it yet, get a load of this hilarious animation exhorting people to get even with the banksters and the government.
http://youtu.be/vs7-yDO6i9Y
PM futures prices from Crimex = unemployment numbers out of BLS.
Just more happy horseshit for the MSM to try to shove down everyone's throat.
The Crimex paper prices for silver right now are just as believable as the BLS and unemployment at "9.9%". Sure it is, if you exclude everyone who doesn't have a job and wants one.
The Fed/Crimex/JPMorgue cartel has only one answer for a 60 year old price suppression scheme that has resulted in silver shortages and backwardation: suppress it some more.
The Fed has only one answer for the destruction of currency value resulting from too much currency printed: print some more.
The US Govt. has only one answer to the economic destruction resulting from too much deficit spending: spend some more.
The MSM has only one plan to explain the disconnects from observable fact and the lies: lie some more.
Want to see what silver is worth? Try the bay, CL or http://www.store.firstmajestic.com/. Don't show me the Crimex paper settlements; that's paper, not silver. They DON'T HAVE the silver, that's why the charade, constant BS, broad daylight thievery, and the emergence of other marketplaces such as HK.
+100
"The Hong Kong Mercantile Exchange (HKMEx) has received authorisation from the Securities and Futures Commission....."
Who is this and why does Honn Kong give a crap about their authorisation?
International quality label to allow banks to put it on the trader options menu.
Not everybody can start something like this :)
Securities and Futures Commission
hksfc.org.hk
Unified regulator for Hong Kong's financial marketsFu Manchu Bernank just told Jew Berank:
"Game On!"
Another piece is in place for China's eventual transition to a gold backed currency.
Now, silver please!
I'm having a tough time googling a solid answer on what the margin requirements will be on HKMex, but it seems they'll be set by LCH.Clearnet that has this to say about margin requirements:
"Initial margins are re-calculated at the close of each business day using the London SPAN algorithm, which is an adaptation of the SPAN method developed by the Chicago Mercantile Exchange (CME)."
It doesn't look like the margin requirements for HKMex will be much different than the CME.
and the new Pan-Asian exchange has just opened in Kunming China too...unlike shanghai an international pmetals exchange
http://en.kunming.cn/index/content/2011-03/31/content_2476068.htm
City of London = Square Mile = Rothschild fiefdom with own mayor.
Yes my friends, parts of London north of river Thames, don't belong to Great Britain.
The Queen has no say there.
The London gold A.M./P.M. fix was incepted by the very London branch of the house of Rothschild,
in case you didn't know, to be performed at N.M. Rothschild, St. Swithin's lane., every working day of the week.
Same goes for Scotia Mocatta, which is a Jewish gold dealer and explorer with its origins in London, later then branching out to Canada.
The gold market in London is a Jewish invention, as well as the Stock Exchange.
Keyword:
Royal Exchange (non-Jewish) vs. London Stock Exchange (LSE, Jewish)
I'm sorry if the red pill is so hard to swallow.
Call me Morpheus.
I can only show you the door, but you have to walk through it all by yourself.
Red pill. Really? So I suppose you're aware that this reality is an illusion thrust upon your soul by the 5 senses and your mind. I mean, you seem to be inferring that you have knowledge of the true nature of the administration system currently being enforced on this spinning rock.
Our solar system will be crossing the galactic plane very soon. Strangeness will abound in all aspects of life on Earth. The restructuring of the hierarchical capitalistic make-work food-based enterprise is just the beginning.
http://slv.collective2.com
Is there any possibility that the UAE or Saudi currencies will depeg from the dollar given the rate its being debased?
Depends on whether the US is willing to fight Iran for them. If not, then the date for the inevitable launch of common GCC currency is moved forward (UAE participation is still a TBD because of the bad debts from 2008).
Only if they fancy seeing a sudden surge of democratic feeling in their serfs.
i.e. - no.
Interesting you should ask. Stay tuned.
For those that don't know the power of "banging the close" you should consider how it works. Back in Feb 2010, the CME changed how settlement works. Refer to http://www.gata.org/node/8387
They were supposedly worried about abuse even at this time, but they didn't have the HFT dominance until just recently. Now, the big players are using their HFT platforms to bang the close as hard as possible and actually drive the closing price to the best closing price for their benefit. As we saw with Goldman Sachs and also the mystery SLV put buyer, the big boys have finally jumped into the silver market. What we're also seeing in the last few months is a dramatic increase in volume. This volume can only be attributed to HFTs, because humans just don't trade that fast or heavy. This is why they bang the close, they use options and alternative investment vehicles like SLV, SLV options, or the ultrashort ETFs to make their bets and do so without the same oversight they'd have on a single exchange
This Will really open THE door to speculation!
If any difference in price Will show, we'll get global relocation of THE pm's to who offers THE best price.
And who Will off THE best price?
THE one That is broke? Us
Or THE one who is swimming in money? China?
I bet 2 years untill every gold and silverbar Will have been shipped to azia and our economy is over.
That's why i think international trade in gold Will soon be taxed and forbidden in 12 to 18 months from now.
Cross-Exchange arbs and such..
Gold/silver prices in fiat paper to the moon
Competitiion is good... It keeps people honest!
About time! Not that China is immune from shady more at grossly overt manipulations. But COMEX essentially broke the law at very least 4x last week.
SLV should now rebound past $50 nicely, COMEX be damned!
well we'll see. Is this gonna be 'for real', or just another 'Comex-charade' coming out of the Far East? And are these people gonna 'play games' like the asshole pricks here? I do seriously hope these aren't just another 'gang of thieves' out to steal people's money.....I'll withhold judgment for now....let's see how this pans out.
There is one thing that may favor this exchange. The Chinese government has urged its people to invest some of their hard earned money in gold/silver. They will not want to see manipulators in a new exchange defrauding the masses. The firing squad has a finality for fraud, that is not found in western markets.
There is also the issue that China has a bone to pick with the US over its borrowing habits. So the Chinese desires for the gold price may differ from the Bernanke/Geither desire.
Nixon abandoned dollar to gold convertibility in August 1971. However, Congress still had to continually devalue the US dollar against gold since the gold price was fixed and Congress’s spending habits weren’t. The dollar was devalued by raising the gold price from $35 to $38 on May 8, 1972 by PL 92-268. The dollar was again devalued by raising the gold price from $38 to $42.22 on October 18, 1973 by PL 93-110. Since the fixed gold price problem was getting to be like the debt ceiling problem is today a decision to float the gold price was made. The Comex gold contract was launched on December 31, 1974, the same date that the prohibition of private ownership and trading of gold in the US was revoked by PL 93-373.
When the price of gold was floated on December 31, 1974 the US Debt stood at $492.67 billion and the price of gold was $195.50/oz. As of May 5, 2011 US Debt stood at $14,321.67 billion. So if the US borrowing limit were still defined by the price of gold, the price of gold would have rise to $5,683.14 today.
The USA should have re-established the Firing Squad in 2008. Those doing "God's Work" are being "called home".
"as traders will have options of where to route orders from the hours of 0800 HKT to 2300 HKT"
HK Trading Hours
HK Open
HK 0800am = 0800pm NY
HK Close
HK 2300pm = 1100am NY
Does this mean no more 8:00am "banging the open" in New York?
It means that banging the close will have fewer of the intended side effects. It certainly means that they'll continue to bang the close in order to prevent (or cause) margin calls. The bigger and more important thing to note is that we now have a competitor to setting market prices for gold and silver. This competitor won't put up with the shenannigans that JPM, HSBC, and now GS play on the COMEX.
This is a great powerplay for China!
Both Jim Rogers and Dr. Doom Marc Faber will be delighted to hear that.
It's now right around the corner from where they are.
Both Jim Rogers and Dr. Doom
I miss the good old days (2006-10) when these guys were the fringe. Now everyone's apocalyptico, which makes it much less rewarding.
give it a month, make sure there aren't any problems and then do the same for silver.
bye,bye comex et al.
don't know how HK are going to manage the imminent invasion though
You forgot, invasion is thing of the pass, it is a called terrorist attack these days. No more pig bay, just terrorist!
Honestly, wait until they pick up in volume and has PM traded in Yuan, and China have at least some of the US bond liquidated, pipelines to varoius energy/resource rich regions secured, then Hong Kong should sound red alarm for a very real potential terrorist attack!
The Chinese, as well as most non-delusional thinkers, know that there is nothing left of the US gold reserves since the 1950s. If the Chinese can get to even 4000 tons within a few years, whether controlled by the PBOC or the populace, they will be in the driver's seat on any new currency, backed at least in part, by gold.
Tokyo has been trading gold since aeons. Anybody who thinks the COMEX has a monopoly is clueless. http://www.tocom.or.jp/souba/gold/index.html
Before you can call it another market, you will need to look at
Japan Gold/Silver market was "liberalized" in the past.
Haven't found a word on this in any other Lame Street Media outlet!
DaddyO