Chinese Gold & Silver Exchange to launch Silver trading
Of note is the fact that the USD is merely one of 3 currencies the contracts will trade in.
According to Haywood Cheung Tak-hay, president of the bourse said continued gains in precious metal prices and rising mainland demand prompted the Society to launch silver futures.
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lol Why am I sceptical?
Same reason I am SB. Great, more paper trading. Talk about serious confusion. Of course, it would be interesting to see all the battling going on. It may even give us the chance to pick up some phyzz on the cheap. Nah! That would be paper only. Those with phyzz would never sell it if their paper battles pounded the paper price.
I really hope the Chinese dont decide to manipulate the market when its in there hands. My take on this. They are traiding in dollars from now due to the artificial strength the Euro is putting on the dollar. The dollars end is inevitable as are all paper currencies.
lol I think I’ve got a serious disconnect with the ‘reality’ they’ve been creating and still trying to maintain. Their reality is an illusion to me and mine is an illusion to them.
I mean yesterday, I’ve talked to someone about the difference between money and currency, explaining why it is important to save in money and not currency. The response I got was this: Why save in money if you can invest in property? I went on to explain that for something to be money it needs to have certain characteristics, which property doesn’t have. I said that currency backed by property was used in the passed in places such as France, but that it ended in failure, because they issued too much paper for one. Thus, one needs to compare apples to apples. I said that investing in property is better than holding currency, but it is not better than holding or saving money such as gold and silver, especially at this advanced stage in the global fiat Ponzi scheme. Anyhow, the person still didn’t get it so I rest my case. Tell me, am I the crazy one, am I missing something here?
you are missing the fact that 95% of the people out there are thinking like the person you’ve been talking to.
This is likely to be a major development for silver. Until recently, notwithstanding the fact that China was one of only a couple of major countries to last leave the silver money standard, the direct ownership of gold and silver in China had been outlawed. Now, they are even allowing the trading of silver in a futures market (still considered a legitimate market for price discovery of the majority of physical commodities traded), in local Chinese currency!
Maybe, unlike the US COMEX, they will actually be using the futures market to acquire physical silver (since China is actually the biggest industrial consumer of silver in the world). Besides, the Chinese and Asians in general have a reputation for buying things on sale (ie, finding great values), and it is safe to say many of them, like folks at SD, understand that silver is currently the most under-valued asset on the face of the Earth. How many things are there that are still cheaper than the price from more than 30 yrs ago?
Thats true I try to spread the message of truly free and sound money to the world and often get the same reactions that SB is talking about but yes.. Im comfertable with saving the smart way.. After all the people that are laughing at me because I tell them their 401k is worthless, are all going to be too desperate to figure out a solution when the silver caige exploads and currency isnt worth the paper its printed on.
and also buy hook line and sinker what the MSM tells ‘em.
All truth here. I save hard ounces – no paper. I just wish the penalties weren’t so gosh darn high to cash out of things like my 401K and all, there’s a nice chunk of change that is basically tied up for good, unless I can convince da wifey to see the light and come around to my way of thinking, take that 40% or so hit in penalties and taxes, and cash it out entirely and buy MORE silver and/or gold.
For now, I grow the stack as quick as I can, few oz here, few oz there, and at least know that when SHTF I’ll have SOMETHING to fall back on, unlike all those who have NOTHING saved in actual money (vs just market stuff, bonds, stocks, 401K, etc).
Something tells me these new Chinese exchanges and the Hong Kong Clearing (Chinese owned) purchase of the LME at 110 to 1 price to income ratio are going to work really well for the Chinese. With apologies to the old saying “No tickee, No laundlee” the Chinese are going to use these exchanges to game the western COMEX’s and rotate precious AND base metals in the front door. While the western powers and exchanges are involved in taking in each others ‘dirty’ laundry, washing and rewashing it, while rendering nothing of value, the Chinese will take in our laundry, demand payment for the service while our metals and phyzz disappears into the Middle Kingdom. They will play the round eyed gaijin for chumps.
PS Aragornsos Silver Doctors is reviewing the system I just used to rotate my IRA into a self directed IRA, move the retirement plan to my control and then bought some gold from Doc. It worked well and fairly seamlessly.
Doc is working out the bug to make sure the system works. From my position it was a very effective way to transfer paper assets at Fidelity to my SDIRA LLC. We avoided any penalties or taxes and can store the gold for the time when we plan to access the assets for retirement income. I am completing the paperwork for my wife’s IRA too.
With those two moves we will be 95% out of paper. The balance of our assets are cash for daily purposes, my business account and two HSAs. The process will be Doc’s call and he wants to make sure there in nothing that would put a user of the SDIRA in harm’s way. I tested the system and think that it is sound. My only concern was where to store the phyzz. I chose a separate safe at home, specifically designated it as the SDIRA safe and my wife and I are the only custodians with access to the storage.
I decided to avoid a safe deposit box at the bank where the LLC account was set up. Safe deposit boxes are just not worth the risk IMO even if the IRS questions my decision. I did set up a safe deposit box with the LLC name on it just in case I need to transfer the IRA assets to the box to comply with the IRS rules but for now I keep the phyzz under my complete control
Western Banksters and Eastern Banksters, They are all the same, the Paper Market a quick way to make a Buck, Yen or Hong Kong Buck off their own people. Pure greed of money.
money and currency, explaining why it is important to save in money and
not currency. The response I got was this: Why save in money if you
can invest in property? I went on to explain that for something to be
money it needs to have certain characteristics, which property doesn’t
have. I said that currency backed by property was used in the passed in
places such as France, but that it ended in failure, because they issued
too much paper for one
Property will get them to the other side with their wealth intact. Pretty much, any hard asset will work to transition purchasing power to the other side. The only thing special about precious metals is they are the most liquid hard asset (because they are money). If you have IBM stock you can’t eat it, but you certainly can liquidate it at any time for currency to use in a transaction. Precious metals are just the most liquid hard asset class and very likely to be good place when the storm washes ashore. But this guy will do fine. He just won’t be very liquid during the shit storm.
MAMYTA I am not missing that fact, it just annoys me. I just hope it was different.
hunkered_down The point is that property is not money and will never be money. In addition, it goes way beyond mere illiquidity when it comes to property, especially nowadays. I highly doubt that one’s wealth will be intact if you only have fiat currency and property to fall back on. E.g. look at what’s happening in Greece, look at all the cost factors relating to property: http://www.globalpropertyguide.com/Europe/Greece I simply cannot see how one’s wealth will stay intact if one has no money (gold or silver) to fall back on. Yes, property prices will increase when hyperinflation hits, but then the cost of maintenance, et cetera will also shot through the roof.
Don’t get me wrong, I am a property owner myself, but nothing beats gold and silver when it comes to a store of value (and meeting all the criteria that makes something money).
hunkered_down;
Hay SB you beat me in response to hd!