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NEW CURRENCY ?? CHINA GOVERMENT ABOUT TO ISSUE A NEW GOLD BACK ETF-CONTRACT IN RENMINBI !!

 
Anonymous Coward
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12/30/2010 03:10 PM
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NEW CURRENCY ?? CHINA GOVERMENT ABOUT TO ISSUE A NEW GOLD BACK ETF-CONTRACT IN RENMINBI !!
[link to www.silverbearcafe.com]

Investing in Gold Ahead of the Chinese
The Mogambo Guru


There are a lot of things in this world that I do not understand, and perhaps it is because of this persistent befuddlement that, for some mysterious reason, I think it is Highly, Highly Significant (HHS) that the Chinese Gold & Silver Exchange is planning "a first"; an international gold contract denominated in renminbi.

Agora Financial's 5-Minute Forecast notes that "Right now, the Hong Kong-based exchange settles all its trades in Hong Kong dollars," which should be enough to get the job done, you would think.

So why a new international gold contract denominated in Chinese renminbi? I don't know, which is not unusual because I actually know so little about anything, but The 5 says, "Adding renminbi to the mix could boost the exchange's trading volume by 20%, to a daily total of $6 billion," which I assume means that commissions, fees and money made by middlemen would increase, for one thing! Hahaha!

My shallow cynicism aside, all of this comes at a time when "skyrocketing demand for gold in China" is evident in that Chinese imports of gold through the first 10 months of the year of this year total to more than 209 metric tons. The total for all of 2009 was, by contrast, just 45 tons.

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