While the Fed can’t contain its urge to raise interest rates, China will be strengthening its financial status further by launching its gold exchange (as opposed to stock exchange which is nothing but the endless shuffling of paper that has nothing to do with actual production) earlier than scheduled.
With the planned establishment of an alternative to SWIFT, the Cabal’s clout on world finance is diminishing by the day.
China advances gold exchange launch, Singapore delays contract
SINGAPORE
(Reuters) – China will launch its international gold exchange 11 days ahead of schedule, sources said on Tuesday, racing ahead in the scramble to set up an Asian bullion benchmark as rival Singapore is forced to delay its gold contract due to technical issues.
Asia, home to the world’s top two gold buyers – China and India, has been clamoring to gain pricing power over the metal and challenge the dominance of London and New York in trading.
The state-run Shanghai Gold Exchange (SGE) will launch the global gold bourse in the Shanghai free-trade zone on Thursday, two sources familiar with the matter told Reuters. The SGE had initially planned the launch for Sept. 29.
The change was made based on the availability of some government officials to participate in the launch event, one of the sources said, adding that all 11 physical gold contracts will begin trading on Thursday.
The ability to bring forward the launch, which will mark the first time foreign players will be allowed to participate directly in China’s physical gold market – the biggest in the world, shows the country’s preparedness with the exchange that it is hoping will become the center of Asian gold trading.
continue reading »
Fed renews zero rate pledge, but hints at steeper rate hike path
WASHINGTON
Many economists and traders had expected the U.S. central bank to alter the rate guidance it has provided since March, given generally improving data on the economy’s performance.
But the Fed repeated its assurance that rates would stay ultra-low for a “considerable time” after a bond-buying stimulus program ends. In a statement after a two-day meeting of its policy-setting Federal Open Market Committee, it announced a further $10 billion reduction in its monthly purchases, leaving the program on course to be shuttered next month.
The statement was virtually unchanged from July, though new quarterly projections released with it showed the central bank’s view on where interest rates should be in future years is diverging from where financial markets have bet they will be.
“While the much analyzed phrase ‘considerable time’ remained in the FOMC statement, the newly announced scheme for interest rate normalization shows that higher rates are in the cards,” said John Kilduff, a partner at Again Capital LLC in New York.
continue reading »
Please support us by downloading our Towards Healthcare Emancipation – Premium Edition, a fully illustrated eBook about how you can implement a low cost but extensive and decisively effective healthcare system in the comfort of your own home.
With this eBook you can easily defeat cancer, AIDS and all other parasitic diseases for good. Find out more about it here. The proceeds from this book will be used to fund our next project, Towards Energy Emancipation. The aim is to make the subject of free energy more understandable for the layman so that anybody could replicate and install his own power plant and be completely living off-grid.
If you haven’t done so, please like our FB page to encourage others to learn more about our work. You can also flattr us by clicking on the Flattr button below.
Thank you very much for your valuable support.
Every time you mention the “federal reserve” people will think is really federal,you should call it “private banksters reserve”.
😉