China Launches “Yuan Gold Fix”

It’s official.

Overnight, China launched its gold-backed Yuan to boost its control over the gold and paper currency market at the same time. Although, mainstream media are saying that it is a “Yuan gold fix” where gold has a fix Yuan units equivalent, it’s basically the same banana.

Earlier, Deutsche Bank was forced to admit its culpability in rigging the prices of gold and silver in connivance with other players in the precious metals market, which put resource rich countries at a gross disadvantage.

With Yuan basically the same as gold, and worthless fiat dollar not allowed to swap with Yuan, this is the beginning of the end for the Federal Reserve fiat dollar.

From Reuters,

SINGAPORE/SHANGHAI, April 19 Top gold consumer China launched a yuan-denominated gold benchmark on Tuesday, in an ambitious move to exert more control over pricing of the metal and influence in the global bullion market.

The benchmark is a culmination of efforts by China over the last few years to reform its domestic gold market, attempting to gain a bigger say in the bullion industry, long dominated by London where the global spot benchmark price is set.

As the world’s top producer, importer and consumer of gold, China has balked at depending on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold.

The new benchmark may not be an immediate threat to London, but with time and full convertibility of the yuan it could become widely used and help China’s efforts to boost the global use of its currency.

The Chinese benchmark price, derived from a 1 kg-contract traded by 18 participants on the Shanghai Gold Exchange (SGE), was set at 256.92 yuan per gram ($1,234.49 per ounce) in Tuesday’s morning session.

The afternoon price was set at 257.29 yuan per gram.

“The Shanghai gold benchmark will provide a fair and tradable yuan-denominated gold fix price … will help improve yuan pricing mechanism and promote internationalisation of the Chinese gold market,” Pan Gongsheng, deputy governor of the People’s Bank of China, said at the launch in Shanghai.

The benchmark price will be set twice a day following a few minutes of trading in each session. The London benchmark, quoted in dollars per ounce, is set via a twice-daily auction on an electronic platform.

The members in the yuan gold-fixing process include China’s big four state-owned banks, Standard Chartered, ANZ , Swiss-based precious metals house MKS, and jewellery retailers and gold miners.

“It’s a market of 1.2 billion people and simply cannot be neglected,” MKS Chairman Marwan Shakarchi said on Tuesday. “I am convinced that in the future we won’t say China is at a premium or discount to London, but vice versa.”

China produced 450.05 tonnes of gold last year, followed by Australia’s 285 tonnes, and consumed 985.9 tonnes, pipping India’s 849 tonnes.

The yuan price will be complementary to the prices in London and futures trading hub New York, the World Gold Council (WGC) said.

The launch of the yuan gold benchmark does not necessarily mean all market participants in China will begin to use the price for imports, sales and other transactions.

While domestic players could start to use the price immediately, foreign suppliers might have reservations. The London price has for over a century been accepted as the benchmark price.

“(They) are aware it is a time consuming process. It is not going to happen in one day, one month or even one year,” a source familiar with SGE’s thinking said.

“China has to show to the world over a consistent period of time that the price is open, rational, reasonable and that there is no manipulation.”

Transparency in the fixing process has come under scrutiny since a scandal broke in 2012 over the rigging of the London interbank offered rate, or Libor.

The London gold fix, previously set via a teleconference among banks and facing allegations of manipulation, was replaced in 2015 by electronic auctions. ($1 = 6.4732 Chinese yuan renminbi) (Additional reporting by Jan Harvey in London; Editing by Ed Davies, Veronica Brown and Susan Thomas)

http://www.reuters.com/article/china-gold-fix-idUSL3N17M1Q3

As expected, the grossly affected parties are starting to sow fear and panic…

China, the world’s largest gold producer, made a big move to advance its efforts to become a global price leader for the yellow metal.

On Tuesday, the Shanghai Gold Exchange, dubbed the largest physical gold exchange in the world, launched the Shanghai Gold Fix—a twice-daily price fixing for the metal per gram, denominated in Chinese yuan CNYUSD, -0.1283%

The move is “hugely important,” said Julian Phillips, founder and contributor to GoldForecaster.com. It’s a step toward “China controlling the gold price.

http://www.marketwatch.com/story/china-is-one-step-closer-to-global-gold-price-domination-2016-04-19

They easily forgot who were fixing the gold and silver prices prior to this day.

To underscore its resolve in defeating the Cabal, China also tested the longest range ballistic missile on the planet capable of delivering 10 MIRV missiles, i.e.  DF-41.

DF-41 ICBM

Aside from the fiat monetary scam and bloodsoaked petrodollar, another significant source of funds for the Nazionist Khazarian Mafia is the “healthcare” industry which registered a whopping $3.09 trillion in 2014, and is projected to soar to $3.57 trillion in 2017, in the US alone. We believe that this is just a conservative figure.

We can avoid using drugs, defeat any viral attack and  scaremongering, like the Zika virus, easily by knowing how to build our own comprehensive antiviral system. Find more about it here.

6 thoughts on “China Launches “Yuan Gold Fix””

  1. This is just another elaborate scheme to cause another hoax depression which will allow total theft of the wealth of the little man. But there will be consequences in the next life. They can have their way now… And we will suffer…. But the suffering that the Almighty God will bestow on their souls will last for eternity…

    1. Hello Folks

      Dear Tom I aught not to Haarp on about it, but isn’t the god you refer to
      actually (a Semitic) off world creator dragon. So why would he, who remains nameless, have to wait on any after death state to exact vengeance on his foe. In the Holy Bible he consumed the twin cities of S and G by fire, the whole Noahite world, by water.

      And then along came Jesus Christ, remember him Tom “Love ye one another”… and the oh so ever so popular “in so much as ye have done it unto the least of my breathern, ye have done it unto me”., and still another pearl gained at a price “let he who is without sin cast the first stone”.

      As I understand it Tom, Jesus Christ did not ask us to engage in an angry and hateful political polemic. He espoused precisely the opposite. He took no joy in any mans fall and suffering, even in such reprobates as his companion souls crucified on the hill of skulls. And here’s one that cheer a Christian heart, “remember me when you are in paradise” and the reply that saved a criminal soul, “this day you shall be in paradise with me”.

      Tom, you don’t need hate or anger to be a believer. Let it go.

      Anthony P Healy.

  2. if it is what they say it is, then it means that we wont have anymore fake federal reserve interest rates that have created worldwide poverty, and it will hopefully create jobs and money for the lower classes instead more money for the oligarchs only.

    1. Hello Folks

      And hello Tony Lane, fuck me did you actually write …”and it will hopefully create jobs and money for the lower classes…” Its like I just used Docs super charged dodge to slip back-forward into T R Malthus favourite armchair. But then again Anthony, perhaps you were being ironical. If so, hello. If not, goodbye.

      Anthony P Healy. PS any relation to the singer Frankie Lane, He sang Rawhide, the theme song for a TV western series. Starring Clint Walker if memory serves. Anyway just wondering.

      Anthony P Healy 🙂

      1. yes Anthony, just a piece of wishful thinking, it happens to us all when we reach nearly eighty, because time is running out and that is all we have got left, and no I am not related to FRANKIE LAINE if you notice it has an I in it, and also it was Clint Eastwood not Clint Walker, although I have an old LP signed by FRANKIE that says to my namesake, it could be worth a few pennies, and it’s like I said when we get old we like to hang on to our memories. so from one tony to another it’s goodbye from me and goodbye from you, which means HASTA LA VISTA BABY.

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