Thursday, March 17, 2016

Silk road to have a strong gold component in both development and trade

Late last month, a document published over at the Shanghai Gold Exchange (SGE) reported on new agreements made between Kazakhstan and China regarding development and trade along the Silk Road initiative.  And at the core of these talks was the need for a strong gold component, both in development of the global overland and route, and in the foundation of trade.

In essence, what this validates is that there is now a strong belief that sometime in the future, trade along the Silk Road will be done using gold for payments rather than currencies.

A group led by Kairat Kelimbetov, the Chairman of the Board of Directors of the Kazakhstan International Financial Center, visited the Exchange 
At noon on 26 February 2016 a group led by Kairat Kelimbetov, President of the Astana International Financial Center and former President of the National Bank of Kazakhstan, visited the Shanghai Gold Exchange and held talks with President Jiao Jinpu. Both parties reached consensus on strengthening cooperation and seeking development in the gold market under the “One Belt One Road” project. Zuo Qihan, Kazakhstan consulate general in Shanghai, Shen Gang, Vice General Manager of the Exchange and Zhuang Xiao, CTO, attended the meeting. - Bullionstar

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