The dotted lines are there. But the jigsaw pieces seem loose at the moment. These are the news:
1) China is the largest importer of gold and it is the world's largest gold miner. it is estimated that for more than a decade, China has mined 2,000 tonnes of gold and imported 3,000 tonnes of gold through Hong Kong. Yet China only declared it is holding 1,700 tonnes of gold.
2) The ICBC Bank (London) has been appointed by the BOE as the clearing house for Yuan in UK.
3) Recently, ICBC Bank is rumoured to be the buyer of Duetsche Bank's 1,500 tonnes gold vault in London, and could possibly include the 200 tonne gold vault in Singapore as Duetsche Bank exits the commodity trading business.
4) China has directed all foreign banks with import licence to participate in a Yuan denominated gold benchmark from April 2016 or face curbs in their gold import operations
London - Gold - Yuan. Some interesting developments could happen in the months ahead.
I remain bullish on physical gold and silver, gold and silver mining shares, gold and silver ETFs and gold and silver mining ETFs. Remember to always do your own research as our risk appetite often differs.
1) China is the largest importer of gold and it is the world's largest gold miner. it is estimated that for more than a decade, China has mined 2,000 tonnes of gold and imported 3,000 tonnes of gold through Hong Kong. Yet China only declared it is holding 1,700 tonnes of gold.
2) The ICBC Bank (London) has been appointed by the BOE as the clearing house for Yuan in UK.
3) Recently, ICBC Bank is rumoured to be the buyer of Duetsche Bank's 1,500 tonnes gold vault in London, and could possibly include the 200 tonne gold vault in Singapore as Duetsche Bank exits the commodity trading business.
4) China has directed all foreign banks with import licence to participate in a Yuan denominated gold benchmark from April 2016 or face curbs in their gold import operations
London - Gold - Yuan. Some interesting developments could happen in the months ahead.
I remain bullish on physical gold and silver, gold and silver mining shares, gold and silver ETFs and gold and silver mining ETFs. Remember to always do your own research as our risk appetite often differs.
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