More and more countries want to start selling physical gold, and China is one of the first countries to sign on to this track with its Shanghai gold exchange offers, writes Vestifinance. Other countries followed his example.
Russia, the largest buyer of precious metal in recent years, has launched the sale of futures on the Moscow Stock Exchange. Then, with the Middle Kingdom, it was announced the creation of a Brics gold exchange (Brazil, Russia, India, China and South Africa) to help other members of this alliance to acquire more 'gold.
Among others, the United Arab Emirates announced its intention to open a platform for the sale of physical gold. But, says the author of the trade publication, all this suggests that the price mechanism on the market for this yellow metal will change and that the Shanghai Stock Exchange will become its nerve center, relegating COMEX and the stock market. London.
He added that Moscow, Beijing and other capitals are tired of the fact that the prices of the main precious metal are on stock exchanges selling mainly paper contracts, which have little in common with the physical market of gold. .
As the article reminds us, the United Arab Emirates seems to boost this business, with gold accounting for nearly 20% of non-oil exports. "This is a huge number considering the fact that the United Arab Emirates does not extract this metal practically," it says.
In a broader sense, the gold market began to change in 2002, and today there is a huge network of gold platforms across the western world. It is interesting to try to understand how they will interact with each other, given that each one is oriented on its own motto, one recalls in the publication.
"Anyway, these changes promise no good to COMEX, LMBA and Western banks trying to control this market," is still predicted.
And to conclude that all these approaches directed at the change of the market of precious metals and the accelerated purchase of gold by the Central Bank of Russia aim at giving up the system of the dollar.