Shanghai Gold Exchange to offer yuan-back futures contract in Budapest

Another brick in the petrodollar hegemony wall falls down.

http://www.scmp.com/business/china-business/article/2099370/shanghai-gold-exchange-offer-yuan-back-futures-contract

Shanghai Gold Exchange Withdrawals Week Ended July 17, 2015

https://smaulgld.com/shanghai-gold-exchange-withdrawals-week-ended-july-17-2015/

Gold withdrawals on the Shanghai Gold Exchange the past two weeks were larger than the amount of gold delivered on COMEX during 2014 and greater than the amount of gold Germany has repatriated from the New York Fed since 2013.

Shanghai Gold Exchange and World Gold Council partner to develop the Shanghai Free Trade Zone as a global gold market

This will surely panic the manipulators on Wall Street and in London.  The concern is the WGC has traditionally been the mouthpiece of the manipulators, despite their charter of stimulating demand for gold.

http://www.gold.org/news-and-events/press-releases/shanghai-gold-exchange-and-world-gold-council-partner-develop

Chinese Gold Demand 41t in week 37, 1331t YTD

https://www.bullionstar.com/blog/koos-jansen/chinese-gold-demand-41t-week-37-1331t-ytd/

Physical vs. Paper: The Shanghai Gold Exchange vs. the COMEX

http://jessescrossroadscafe.blogspot.com.au/2013/06/physical-vs-paper-shanghai-gold.html

...
the COMEX is a paper gold market while the SGE is quite clearly a world class market for physical gold.

Shanghai Gold Exchange Benchmark Contract Volume Jumps to Record

The Chinese continue to BTFD.  You should be, too.

http://www.bloomberg.com/news/2013-02-18/shanghai-gold-exchange-benchmark-contract-volume-jumps-to-record.html

Precious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time In A Month, Prepares To Crush Silver

And sure enough, the big dip in gold ensues as a result of the margin hikes.  However deep the dip is, it will be temporary, as the debt problems in the Euro zone and in the US won't resolve themselves overnight.

http://www.zerohedge.com/news/precious-metal-margin-warfare-jumps-pacific-shanghai-hikes-gold-margins-second-time-month-prepa

Gold Tops $1,910 for First Time

I told you folks the futures exchanges would hike margin requirements for gold contracts to "control volatility and mitigate risks", which is half-true.  The other half is they have to protect the perma-short bullion banks from imploding, as prices on precious metals soar.  Only I thought the COMEX (or CME) would act first.  It looks like their counterparts in Shanghai beat the boys in New York to it.  Or maybe they're the same players on the other side of the pond.

http://www.bloomberg.com/news/2011-08-23/gold-tops-1-900-for-first-time-on-concern-global-economy-may-weaken-more.html

The Shanghai Gold Exchange will increase the trade margin requirement for its gold forward contracts for the second time in a month following recent rapid increases in gold prices. Margin requirements will be raised to 12 percent from 11 percent from settlement on Aug. 25, to prevent risks, keep the market stable and protect investors’ interests, the bourse said in a statement posted on the website today.

CME Group Inc., the world’s futures market, hiked the initial and maintenance margins on its gold contracts by 22 percent from the close of business Aug. 11. It last boosted gold margins on Jan. 20 and decreased them on June 20, according to data on its website.