TSX:SGR.UN - Post by User
Comment by
marketmineron Jun 26, 2007 9:35am
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Post# 12998402
RE: The World Financial System...
RE: The World Financial System...Looks like the Yanks are broke!
When will Americans buy gold?..... The US dollar /gold price is one of the few trend lines still in tact.... the 5 year kitco charts..... divergence in foreign currencies is making gold a buying oportunity.
This will also help:
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SHANGHAI GOLD EXCHANGE/INDUSTRIAL BANK
Individual gold bullion trading to be launched in China in July
Appropriately, during China’s year of the Golden Boar, the Shanghai Gold Exchange announced that it will offer gold bullion trading for retail investors next month.
Author: Dorothy Kosich
Posted: Tuesday , 26 Jun 2007
RENO, NV -
The Shanghai Gold Exchange is launching individual gold bullion trading next month through a partnership with China's Industrial Bank.
The Shanghai Daily reported Tuesday that the gold bourse has scheduled a joint briefing in early July with Industrial Bank about the service.
The exchange will also subsequently launch trading through Huaxia Bank. Industrial and Commercial Bank of China is likely to be the third entity to join the bullion trading scheme.
China's central bank, the People's Bank of China, gave approval for the gold bourse to start nationwide gold trading services at the end of 2006, the Shanghai Gold Exchange said Monday.
Under the new trading scheme, individual investors will be able to trade in gold from a minimum threshold of 100 grams, which would cost roughly 16,000 yuan (US$2,099). Investors can take home the bullion at lower prices than those of jewelers and coin makers. For example, investment-grade bullion fetches more than a 10% premium in the market.
The Bank of China and China Construction Bank are among the lenders that already offer virtual gold trading betting on prices through a special bank account. However, investors can't actually hold the gold bullion.
Earlier this month, the Shanghai Gold Exchange said it will work with more commercial banks to offer gold to retail investors. The Chinese have traditionally kept gold bullion as a safe haven to hedge against inflation and as a symbol of gold fortune, according to the Shanghai Daily.
The Shanghai Exchange now trades gold, platinum and silver