Commodity Trade Mantra

Posts Tagged ‘Yuan Gold Fix’

China Yuan Gold Fix Is Part Of A Planned Shift From The US Dollar

By trading physical gold in renminbi, China is slowly chipping away at the dominance of US dollars. Gold, silver, and petroleum are the three US dollar based commodities that China wants most control of, according to Bocom strategist Hao Hong but “gold in particular is one of the commodities that China is hoarding very hard.”

Will The Chinese Stockpiling Trigger A Big Move In Silver Prices?

While Comex silver inventories have been declining from a peak of 184 million oz (Moz) in July 2015 to 154 Moz today, silver stocks at the Shanghai Futures Exchange have been doing the exact opposite – from 233 metric tons, or 7.5 Moz on August 20th 2015 to a staggering 1,706 mt today (54.7 Moz). For whatever reason, the SHFE is accumulating a lot of silver.

China Plans To Launch Renminbi Gold Fix By End of 2015

If the renminbi / yuan gold fix takes off, China could compel local buyers & foreign suppliers to pay the domestic renminbi price, making the London gold fix less relevant in the world’s biggest bullion market. China feels it is entitled to be a price-setter for bullion at a time when the global benchmark, the London fix, is under scrutiny for alleged price-manipulation.

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