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China to ban unauthorised gold exchanges

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1 China to ban unauthorised gold exchanges on Thu Dec 29, 2011 8:56 am

Panhead

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http://bcove.me/ikw5r0lw

12/28/11 In an official statement Tuesday, China’s central bank has ordered all gold exchanges, excluding the official exchange in Shanghai, to cease operations.



Last edited by Panhead on Thu Dec 29, 2011 8:57 am; edited 1 time in total (Reason for editing : link to video)

2 Re: China to ban unauthorised gold exchanges on Thu Dec 29, 2011 9:17 am

Panhead

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Chinese Government Leads Crackdown on Gold Exchanges

Posted on December 27, 2011 at 5:48pm by Becket Adams Becket Adams


Governments hate competition; totalitarian governments even more so. Due to record-breaking gold prices this year, hundreds of “unauthorized” gold exchanges occurred in China to capitalize on gold fever. However, China regulators are not happy about the competition.

“No local authority, institution or individual is allowed to set up gold exchanges,” the People’s Bank of China (PBOC), the Ministry of Public Security and other regulators recently announced in a joint statement.

In essence, gold exchanges in China, except for two in Shanghai are to be banned. The joint statement also explained that the Shanghai Gold Exchange and the Shanghai Futures Exchange are sufficient to meet domestic investor demand for spot gold and futures trading.

However, an official at the Beijing Gold Exchange Center told Reuters reporters that the exchange has not received any detailed instructions.

“But the talk of a crackdown has been going on for a while,” he said. “Of course, this affects our business.”


Reuters explains:

The PBOC cited lax management, irregular activities and evidence of illegality which were causing risks to emerge, as the reasons for taking the decision. The central bank said it would lead a team to clear up the mess — gold exchanges will be altered or closed, banks will stop providing clearing services to them; and some people will be put under police investigation.

The move serves as a reminder to precious metal investors that gold and silver remain to be a focus in a world of fiat currencies. In addition to tighter gold exchange oversight, China is making agreements to distance itself from the U.S. dollar.

“Japan and China will promote direct trading of yen and yuan without using dollars and will encourage the development of a market for the exchange, to cut costs for companies,” Bloomberg reported earlier this week. ”Japan will also apply to buy Chinese bonds next year, the Japanese government said in a statement.”

http://www.theblaze.com/stories/chinese-government-leads-crackdown-on-gold-exchanges/

3 Re: China to ban unauthorised gold exchanges on Thu Dec 29, 2011 9:24 am

Panhead

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interesting reply to above post......

Chinese are brilliant businessmen. They know the Japanese YEN is WORTHLESS. They want to TAKE OVER JAPAN. This story completely misses the objective. Research how close Japan is to total economic collapse. The other problem here is that it only costs China $300 to mine a troy ounce of gold. It costs AMERICA $3,000 to mine a troy ounce of gold. If GOLD continues to rise, China becomes the beneficiary (already has) of billions of $$$$$$$$$$$$$$$$$$$$$$$.

4 Re: China to ban unauthorised gold exchanges on Thu Dec 29, 2011 5:54 pm

gente

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DAMN!! This is starting to happen..good find, thx Pan!

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