One of the biggest obstacles in getting people to recognize the value and potential of gold is that both our currency, and our markets, have discounted the precious metal for the past 40 years. And with the U.S. Comex and London fix ensuring that the spot paper price remains beaten down to protect their derivatives market, gold is seen as a random gamble in any retirement portfolio, or as a worthy investment.
However, gold has never changed its status as a monetary metal despite the fact that Western central banks have used great leverage to make people believe it is little more than a barbaric relic. And in a move that is sure to change the entire metals playing field, and make gold the best growing asset in the world, China completed their testing of a new price discovery mechanism at the Shanghai Gold Exchange on May 6, and are preparing to challenge, re-price, and perhaps even take over the global means of price discovery within a very short amount of time... perhaps even by the end of the month.
China conducted trial runs for the planned launch of a yuan-denominated gold fix last month, three sources familiar with the matter said, in a sign the world's second-biggest bullion consumer was moving closer to creating a benchmark price.
The state-run Shanghai Gold Exchange (SGE), on whose international platform the fix will be launched, conducted the trial with major Chinese banks and a few foreign banks, the sources said this week…
China plans to launch a yuan gold fix this year through trading of a 1 kg contract on the SGE, Reuters reported in February.
"The launch of the fix is towards the end of the year ... Banks were invited in April to test the fixing process," said one of the sources directly involved in the process.
The SGE will act as the central counterparty, unlike the London fix where the bullion banks settle trades amongst themselves, the source said.
If the Chinese fix becomes a success, it could add to the pressure on the London benchmark, which is used worldwide by producers, refiners and central banks to price holdings and contracts, although the two could exist side-by-side. - Zerohedge
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