The printing press of the biggest PONZI SCHEME ever known to man ( U.S. dollar) took a serious hit today from our friend, China. Yes...despite what your lame-stream media tells you to believe...China IS OUR (Humanities) friend. As is Russia. But, I digress....
The rigging was of COMEX - which is just "paper" (digits on a screen, really) that say they are "gold" "silver" "platinum" "palladium"...etc. "Basically, here’s what you need to understand. The only “price” that is discovered on the Comex paper derivative exchange is the price/value of the paper derivatives, themselves. The price discovered is definitely NOT the price of gold.
Whenever prices rise, it’s due to a surge in speculator interest in the paper derivative contracts. Prices fall when speculators exit this paper market and move on. To meet this surging demand for the underlying paper derivative, the Bullion Banks that are allowed to operate as de facto “market makers” create and issue new paper gold contracts from thin air. These banks are not required to deposit any metal up front as collateral nor are they required to limit the amount of paper metal they can alchemize on any given day...."
Trading done on COMEX is very similar to a game of musical chairs, though because of this VERY IMPORTANT FACT.... "The Comex is now operating on a ratio of 542 paper ounces for every 1 ounce of registered gold. This means the February delivery period is about to begin with only enough registered gold to satisfy just 740 contracts.
I.E - And, there are over 500 players to one "chair"...!!!!!!!!!!!
Now, NEXT.... “BRICS countries are large economies with large reserves of gold and an impressive volume of production and consumption of this precious metal. In China, the gold trade is conducted in Shanghai, in Russia it is in Moscow. Our idea is to create a link between the two cities in order to increase trade between the two markets,"
(also, its very IMPORTANT to understand that the measly amounts of PM's held by these countries as indicated by any "official" numbers are inaccurate. China actually has over 30,000tons of gold - US, 0 (zero) )
FINALLY...(today)
Dubai commodities exchange deals with Chinese banks could lead to yuan transactions
"The Dubai Gold and Commodities Exchange (DGCX) has signed agreements with two Chinese banks to boost trade in precious metals and commodities between China and the Middle East and support cross-border derivatives business in the Middle East and Asia.
The agreements could eventually lead to the clearing of yuan-based transactions in Dubai, the exchange said.
An agreement with the Dubai International Finance Centre (DIFC) branch of the Agricultural Bank of China (ABC), one of China's biggest state-owned commercial banks, will focus on product development, strategy and exchange related market intelligence, DGCX said.
ABC is China's third largest lender by assets and listed on both the Shanghai Stock Exchange and Hong Kong Stock Exchange, the exchange said.
ABC first opened a branch in the DIFC in 2013. The following year, it listed a 1 billion yuan ($154 million) bond on Nasdaq Dubai, becoming the first Chinese issuer to list a bond in the wider Middle East and North Africa region, DGCX said.
Gaurang Desai, chief executive of DGCX, said: "ABC's vast customer network, increasing local presence, coupled with DGCX's expertise in the precious metals, commodities and derivatives markets provides an exciting platform to develop products and services that our shared customer base desires. We want to actively facilitate the trade flows in the precious metals and commodities between China and the Middle East."
ICBC may also become a settlement bank with the clearinghouse of the DGCX. This would give ICBC access to DGCX's products and services, and eventually support clearing of RMB products, the statement said.
Another Chinese bank, the Bank of China, became a settlement bank for the exchange's clearing house last month, DGCX said.
