Back in June, China intimated that they were getting prepared to open a new gold exchange that would be benchmarked in Yuan versus the current system that is denominated in dollars. And while many gold and silver holders were hoping it would come online this month at the Shanghai Gold Exchange (SGE), officials on Dec. 10 announced that the platform has been moved out until April of 2016 where it would be open to both Chinese and foreign banks for physical exchange of gold, denominated in Yuan, and at a new price.
SINGAPORE: China has delayed the launch of its yuan-denominated gold benchmark on the Shanghai Gold Exchange (SGE) to next year, two sources familiar with the matter said.
The yuan price fix would mark one of China's biggest steps so far towards capitalising on its position as the world's top producer and consumer of gold. State-run SGE had initially planned to launch the benchmark by the end of this year but it will now be launched in April.
The reason for the delay was not immediately clear. The exchange was without a chairman for nearly six months, before it named a central bank official as the head of the bourse in late October.
"It will start in April with Chinese banks and some foreign banks," said a source with a local bank that imports gold. "Jewellers, miners and banks could use this price as a benchmark." - Economic Time.India Times
The significance of China establishing a physical gold price is that it would become the only real physical market remaining in the global market system. For the past two and a half years, the current benchmark in London and New York has refrained from any physical deliveries, and is simply acting as a derivatives market, and a conduit to protect the dollar by smashing down gold prices with naked short contracts.
However China is not the only nation seeking to wrest long-standing financial mechanisms away from the U.S. as Russia on Dec. 10 announced they were going to create a new oil market system that will compete directly with BRENT and WTI, and allow their oil to be sold in currencies outside the dollar.
The coming new global financial system that will replace Bretton Woods and dollar hegemony is accelerating at a rapid pace, and will inevitably be backed by a gold based trade note or currency. And these are the final days for people to get out of their dollars and paper assets and get into physical gold before the ongoing shortages make it impossible to prepare yourself for what will evolve.
Ie... who was prepared in 2008 when the stock market crashed, the Great Recession occurred, and when foreclosures manifested for millions of Americans?
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The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold. And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?
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