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Karatbars 1 Gram Gold     

 

China has announced that they have tied their currency to gold. According to Reuters.com: 

The Chinese benchmark price will be derived from a 1 kg-contract to be traded on the state-run Shanghai Gold Exchange (SGE), which will act as the central counterparty.

The price, to be quoted in yuan per gram, will be set twice a day based on a few minutes of trading in each session.

Asia is the top buyer of gold, with China and India alone accounting for about half of global consumption, but London and New York are regarded as price benchmarks for spot and futures trading respectively.

 

In the last year, other attempts have been made to create a regional benchmark, including by Singapore, but China is being the most aggressive.

Sources:

Reuters.com

 

Recommended Books

The Gold Standard at the Turn of the Twentieth Century, Rising Powers, Global Money and the Age of Empire by Steven Bryan

To Buy Gold by the Gram:   Byrom Dervis is our Karatbars representative at Paxtaumint.net

 

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