Agree with your written poetry and philosophy of the East. China’s move to fully back the yuan’s conversion to gold has started in Hong Kong. I don’t know how significant that is, but Dollar strength is a mirage. Sen. Whitehouse says the bring back badness bill will increase the debt by $5 trillion!!! All while gutting food, healthcare, nursing homes, hospitals, education to grow ICE and the military. :(
China's expansion of the Shanghai Gold Exchange (SGE) is just another move in its long game to internationalize the yuan. Same playbook they used with the Shanghai crude oil futures—lots of headlines, minimal global traction.
Despite what YouTube gold bugs preach, this has nothing to do with backing the yuan with gold. It's not the dawn of a gold-backed BRICS currency or the death of the dollar. The global gold market still revolves around loco London and dollar pricing, for good reason—liquidity, trust, and infrastructure.
Noise ≠ shift. Call me when the world settles gold in RMB by default, not just in YouTube videos.
“From June 26, two new contracts will be listed on the Shanghai Gold Exchange (SGE): iPAu99.99HK and iPAu99.5HK. These contracts enable the physical delivery of gold in Hong Kong, marking a major step forward in the integration of the yuan into the global precious metals trade.”
Yes, I had misread the info. Seems like they want to compete with COMEX and LME.
Agree with your written poetry and philosophy of the East. China’s move to fully back the yuan’s conversion to gold has started in Hong Kong. I don’t know how significant that is, but Dollar strength is a mirage. Sen. Whitehouse says the bring back badness bill will increase the debt by $5 trillion!!! All while gutting food, healthcare, nursing homes, hospitals, education to grow ICE and the military. :(
The East will keep stacking.
China's expansion of the Shanghai Gold Exchange (SGE) is just another move in its long game to internationalize the yuan. Same playbook they used with the Shanghai crude oil futures—lots of headlines, minimal global traction.
Despite what YouTube gold bugs preach, this has nothing to do with backing the yuan with gold. It's not the dawn of a gold-backed BRICS currency or the death of the dollar. The global gold market still revolves around loco London and dollar pricing, for good reason—liquidity, trust, and infrastructure.
Noise ≠ shift. Call me when the world settles gold in RMB by default, not just in YouTube videos.
“From June 26, two new contracts will be listed on the Shanghai Gold Exchange (SGE): iPAu99.99HK and iPAu99.5HK. These contracts enable the physical delivery of gold in Hong Kong, marking a major step forward in the integration of the yuan into the global precious metals trade.”
Yes, I had misread the info. Seems like they want to compete with COMEX and LME.
https://goldbroker.com/news/china-accelerates-dedollarization-internationalization-gold-market-3560