UnNews:Shanghai Gold Exchange quintuples gold price
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Shanghai Gold Exchange quintuples gold price
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Thursday, March 22, 2018, 04:58:UTC)(
1 January 2015
SHANGHAI, China – The Shanghai gold exchange shocked the Comex today by unilaterally raising the global gold price to Chinese Yuan 37,000 ($6,000) per troy ounce.
COMEX chairman, Max Keiser, who was livid, told the media, “The Chinese did what? They can’t do that! Who the hell do they think they are? This will completely disrupt the gold derivatives bubble!”
In response to the wave of Anglo-American indignation the Shanghai gold Exchange has challenged the COMEX to arbitrage - 仲裁 - the new price by selling all physical gold to China for $6,000 per oz., and earning a record profit.
Shanghai banker, Won Hung Lo, told Reuters, “We have loads of American dollars to spend. The Comex can buy gold for $1,200 per oz. and sell that physical gold to us for $6,000 per oz.,“ said Lo. “only a fool or a pauper would not see the great potential.”
China has been purchasing physical gold to the tune of 1,000 tons per month since March 2012 and is now estimated to hold over 100,000 tons. This physical store of gold, when with the other BRICS nations of Russia, India, Brazil and South Africa, who together hold well over 200,000 tons of physical gold, make up a total of 300,000 metric tons (or tonnes) which is more than all the gold mined in human history.[Citation not needed at all; thank you very much]
Meanwhile, back in the USA and UK, the Comex had no response to the arbitration offer. All indications show that they are in shock, or possibly shock & awe! Does this indicate that the Comex only has naked paper gold contracts not covered by any physical metal?
Well, Fort Knox may be empty, but the USA claims to have deep storage gold. Unfortunately 80% belongs to other nations who are paying storage fees, even though their gold has already been resold hundreds of times over on the Comex. The other 20% is called “Gold in motion” – which refers to rough estimates of raw gold still in the mines before extraction and processing.
So, does this mean that the COMEX has no physical gold to sell profitably to the Shanghai Gold Exchange? Regardless if the Comex does or does not have physical gold to sell, soon the reality will sink in that there is a new global gold price actually based on gold.
“It is nonsense to say there is not enough gold to make a gold standard,” snickered Lo. “Because we simply have to divide the total amount of physical gold on the planet into the known physical paper money on earth. This will bring equilibrium to the market. In Shanghai we are doing just that.
“But if we must take into account the Gweilo gold-rigging derivatives bubble, then we may need to increase the price of gold to $6,000,000,000 per troy oz, or more,” Lo grinned.
|This article features first-hand journalism by an UnNews correspondent.|