Posted on 05/16/2016 6:44:24 PM PDT by BenLurkin
ICBC Standard Bank PLC said on Monday it is buying a precious-metals vault from Barclays PLC’s, in the latest move by the Chinese bank to increase its role in the market’s infrastructure.
The move makes parent ICBC, the world’s biggest bank by assets, the first Chinese lender to own a vault in London and extends its influence in precious metals from pricing to storage. With China the largest consumer of many metals, the country’s banks have increasingly bid to own or help run the infrastructure in these markets.
China accounts for more than a quarter of global gold demand, but trading in the metal was until recently largely run out of western banks and in markets such as London and New York.
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“extends it’s influence”
No one understands what’s going on, do they ?
I mean I’m no Chinese political analyst, but when the Chinese buy things it’s pretty elementary knowledge that they dont’ have to buy EVERYTHING. They just buy enough to control markets.
This was the HUGE deal with Chinese holdings in rare earth. It wasn’t about the fact that the US was sitting on a rare earth. It was the fact that the Chinese weren’t afraid to control the market with just _enough_ rare earth.
It would be interesting to see who moves their gold out of this vault before the Chinese take ownership.
But the COMMUNIST Chinese sure do know what's going on!
They know that the price of gold will rise -to back above $1,860 per ounce- in the near short term. And proceed higher monthy.
The Tungsten Tong done be gittin bizzy.
I would never keep gold in a ChiCom owned vault. They can foad! Probably no freeper would either. But to even engage in this form of offshore musical chairs you need to own tens of millions in gold before you start moving it from vault to vault.
they aren’t communist, except in name.
they are a syndicate.
Seems like another step in the bid to become the world’s reserve currency.
At least their currency will be backed by something.
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