Will this cahnge things at all?
http://www.china-briefing.com/news/2011 ... ators.html
"The PAGE may also rise as an alternative playing field for global gold investors because of the potential changes it brings to the existing mechanism in dominance. On PAGE, a gold buyer will be able to receive a 90-day International Spot Contract and actual title to the gold he/she purchases, while currently, the spot price of gold is still greatly impacted by London’s futures market. For every purchase of paper gold, both the London Bullion Market Association (LBMA) and COMEX are supposed to only have 10 percent allocated contracts backing them, and the other 90 percent is held in unallocated accounts."
Chinese gold exchange
Moderator: Global Moderator
Chinese gold exchange
"Good judgment comes from experience. Experience comes from bad judgment." - Mulla Nasrudin
Re: Chinese gold exchange
Wow!! A ton of gold? I hope they've got some good security on that thing!Clive wrote: ...There are five statues of oxen in five sections of the 826-room building, made from gold, silver, copper, iron and tin, symbolizing the five elements of Chinese culture: metal, wood, water, fire and earth. Among them the golden ox, which cost 300 million yuan (US$470 million), has grabbed the most attention.
The melt value alone on that statue is close to $50 million: http://www.wolframalpha.com/input/?i=ho ... gold+worth
I'd be very worried about someone trying some kind of heist to make off with some or all of it. Not that stealing a ton of anything from a skyscraper is ever an easy thing to do, but that's a lot of money!
I suppose the joke's on you if you show up to rob this village and the thing turns out to be a spray-painted lump of brass.
Re: Chinese gold exchange
To the OP's point:
Yes, it will change things, in a "free market" way. The Chinese now have a way to own physical gold. That is a good thing.
About the "Golden Hind," who knows what that really is. I would bet $100 it is a gold leafed bronze sculpture. To collect on your bet, please forward two first class tickets to that Chinese village from Richardson, Texas, so that I and my wife can carefully inspect the Ox, and report back. Come along, if you wish.
SG
Yes, it will change things, in a "free market" way. The Chinese now have a way to own physical gold. That is a good thing.
About the "Golden Hind," who knows what that really is. I would bet $100 it is a gold leafed bronze sculpture. To collect on your bet, please forward two first class tickets to that Chinese village from Richardson, Texas, so that I and my wife can carefully inspect the Ox, and report back. Come along, if you wish.
SGSteve G