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Labrador Gold $LAB.ca – China, Russia, Brazil, India, And Now UAE: Everybody Wants A Gold Trading Platform $RIO.ca $WHM.ca $SIC.ca $NXS.ca

Posted by AGORACOM at 3:15 PM on Monday, October 21st, 2019

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  • The UAE is moving ton upon ton of physical gold through the nation, it makes up approximately 20% of all exports outside of oil.

China started something when they opened the Shanghai Gold Exchange where physical gold is traded to a global market. Russia began trading gold futures on the Moscow Exchange which was followed by China and Russia announcing they would open the BRICS Gold Exchange to assist the other members of the BRICS alliance to acquire more gold. This was followed by India stating they would be pursuing a gold spot exchange market and next up is the United Arab Emirates (UAE) announcing they, too, are going to open a physical gold trading platform. WOW! That’s a lot of physical gold changing hands on a daily, weekly, monthly and yearly basis.

This is all pointing towards what seems to be a likely conclusion – a new gold pricing mechanism that is operated by the Shanghai Gold Exchange instead of COMEX in Chicago and New York or the LBMA in London.

It seems that slowly and surely, the major gold producing nations of Russia, China and other BRICS nations are becoming tired of the dominance of an international gold price which is determined in a synthetic trading environment which has very little to do with the physical gold market.

The Shanghai Gold Exchange’s Shanghai Gold Price Benchmark which was launched in April 2016 is already a move towards physical gold price discovery, and while it does not yet influence prices in the international market, it has the infrastructure in place to do so. Source

Apparently, the UAE is already moving ton upon ton of physical gold through the nation as it makes up approximately 20% of all their exports outside of oil. That is an amazing percentage of business, especially, if you take into account the fact the UAE either doesn’t mine gold at all or is not mining a significant amount of gold.

The UAE will establish a federal platform for gold trading and the tracking of gold sources, the government has announced.

The move – approved by the UAE Cabinet – is part of a larger policy to enhance the UAE’s position as a global hub for gold and jewellery trading.

The policy has three main pillars – governance, sustainability and innovation – with 10 separate strategic programmes and initiatives, also including the establishment of a federal platform for gold trading and tracking, international marketing of the gold sector, and the use of technology in the production of gold.

Additionally, the policy will develop tools and initiatives that stimulate growth “in order to facilitate doing business and bring added value to this vital sector”, according to the UAE’s state-run WAM news agency.

The gold trade accounts for 20 percent of the UAE’s total non-oil exports. Source

All of this movement in the physical gold market started in 2002 and just a few years later we are seeing a massive network of gold platforms outside the western world developing. China began laying the ground work for a central pricing mechanism connected to each new platform in 2016 when it launched the yuan denominated gold benchmark for global trade.

What would happen if all these gold markets began connecting one to the other and while trading gold in multiple currencies? What role will these markets play, if any, once there is a sovereign gold backed cryptocurrency announced? Will these other markets follow suit or will the new sovereign cryptocurrency set the standard?

In my opinion this does not bode well for the COMEX, LMBA and western bullion banking cabal. Not saying, or suggesting, there is an imminent “collapse” or anything of the such, what I am suggesting is that we are seeing realistic steps being made to move away from the global standard Federal Reserve Note, U.S. dollar based pricing of gold.

Source: Bloomberg: https://www.zerohedge.com/commodities/china-russia-brazil-india-and-now-uae-everybody-wants-gold-trading-platfom

This entry was posted on Monday, October 21st, 2019 at 3:15 pm and is filed under All Recent Posts, Labrador Gold. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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