London will relinquish its position in favour of Shanghai
“There are new and modern gold markets in the world. This is the example of the Shanghai Gold Exchange, as well as trading platforms of Dubai and Singapore. They comply with all the global standards. These exchanges of large transactions in gold, do not take place so often in London.” This opinion was expressed by Alaisdair Macleod, chief editor of the portal Goldmoney.
In his interview, Macleod said that London is already unable to cope with the trade in gold, and this process does not meet modern standards. Unfortunately, the London market in the sale of investment gold is no longer the same as it was before, it's too old-fashioned. The chief editor sees the lack of transparency as the main reason for the transfer of the majority of transactions in other markets. But the new places gain with high information standards.
Also it was noted in the interview that the London Bullion Market Association (LBMA) holds only 19 of criteria of transparency standards IOSCO, and this is an insufficient proportion. Openness and transparency are playing an important role in the modern world. The lack of accurate information may be reason for unfounded rumors. London needs to be changed fundamentally not to have these effects.
Gold in Asia serves as money and safe assets. Significant amounts of gold bars, produced in the domestic market in China, will remain in the country, and therefore they will not be registered in London. In addition, China is buying the yellow metal in South Africa and Mongolia, which also will not be registered. Alaisdair Macleod made the conclusion that huge amounts of investment gold pass by the gold market in London. This fact can not be ignored.
The clients of the Emgoldex online store can keep their savings from depreciation and start their own gold business increasing their income through the marketing program of the company.
Category: Gold news Publication date: 2014-09-26 11:52
|Gold Fixing | Price History|