China Aims To Be "Major Gold Trading Center"

China Aims To Be "Major Gold Trading Center" With Interbank Gold Trading

Today's PM fix was USD 1,584.00, EUR 1,294.75, and GBP 1,009.37 per ounce.
Toray's AM fix was USD 1,580.00, EUR 1,287.06, and GBP 1,009.33 per ounce.

Gold gained this morning after two straight days of Bernanke testimony related slight losses and gold is testing resistance at the 50-day moving average at $1,586/oz.
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UBS has warned of the risk of hyperinflation in the UK and U.S. (see commentary today).
China has proposed to broaden trading of precious metals in its local market in order to help China become a "major gold trading centre".

World Gold Reserves (Bloomberg)

The Wall Street Journal was briefed about China's plans by "a person involved with the matter." The paper reports that "the move could increase liquidity and help Beijing gain stronger pricing power for key commodities like gold".

China is the largest producer and now the largest producer of gold in the world and has aspirations to become a major gold trading center on a par with London and New York. China is also the fifth largest holder of gold reserves in the world after the U.S., Germany, France, Italy (see table).

Chinese officials have spoken of China’s aspirations to have gold reserves as large as the U.S. in order to help position the yuan or renminbi as a global reserve currency. Indeed, it would be only natural for China to aspire to have their currency become the global reserve currency in the long term.

SILVER
Silver is trading at $27.37/oz, €22.46/oz and £1750/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,419.00/oz, palladium at $578.80/oz and rhodium at $1,190/oz.
Please click here to read the rest of GoldCore’s Market Update.

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