UKfan1972: GM! China its own "fix" as a counterpart to the London fix. The London fix is set by USD, Euro and GBP...the China fix will be Yuan dominated. That is very different from the Yuan being gold backed…… I don't believe that the yuan is gold backed, yet....but I do believe they are going in tbat direction.
BuddyDog: China launches yuan gold fix to boost power in global bullion market LINK
WTCutter: Paragraph 4 of CNBC article :The new benchmark may not be an immediate threat to London, but industry players say over time China could set the price of the metal, especially if the yuan become fully convertible."
if the Yuan become fully convertable to GOLD or gold backed…. f is not now according to article…. but moving in gold backed direction
Lyro: What are we waiting on now?
Appaloosa: I don't believe we are waiting on anything - I believe things are in progress. When I say in progress, I mean that the PTBs of the different countries are doing what they need to do to accommodate a global currency reset.
Suggar: this is a thousand piece puzzle and there is not a picture guide........sooooo here we are.....
Appaloosa: Sugar - exactly - can't have a guideline in place for something that's NEVER been done. You can have a plan - but we all know what happens when you start a project at home, you plan for what you think you need and once the project is underway - you discover you need an extra box of nails, or more shingles
Suggar: that is why sooo many starts and stops.........and no one group to take responsiability for stopping the buck....
Appaloosa: I think it has very little to do with a group not wanting us to hold the currencies. I think it the delays that we have seen have everything to do with the super wealthy 1% not wanting to lose their power like they will when the US goes asset backed.
Appaloosa: I think the the process has started....I think it started back when you saw the Swiss unpeg from the Euro.....that was the first really big visible move.......that I recall anyways. Ever since we've been making slow steady progress with these other countries doing what they need to do to achieve a currency reset.
EddyEagle: appaloosa...that is exactly whats happening...because we've been told for a while now that banks have live rates but cannot or do not have the approval yet to do exchanges
Appaloosa: Eddy - I agree with you - the wealthy 1% does not want this to go through - they will lose their power. The Federal Reserve controls the US Dollar. The Federal Reserve is owned by the wealthy 1%. The US dollar is currently a fiat currency, which means that there is nothing backing the value of it. It's NOT asset backed yet. It's worth nothing.
They keeping printing it. If other countries force us to go asset backed they can only print as much as we have asset to back it.
Let me also say that the wealthy 1% (like the Rothchilds) own something like 22 of the Central Banks around the world. When we have had things released to the banks - they've blocked it with their Central Banks.
Xyz: Finance ministers and US Treasury confirm the fight against corruption and money laundering http://translate.google.com/translate?depth=1&hl=en&sl=ar&tl=en&u=http ://www.alliraqnews.com/modules/news/article.php%3Fstoryid%3D35881 Zebari, with US Treasury Secretary Jack Lew importance of cooperation between the two sides in the fight against corruption and money laundering.
Xyz: US reaffirms its support for Iraq on ready credit and anti - money laundering arrangements http://translate.google.com/translate?depth=1&hl=en&sl=ar&tl=en&u=http://www.alsumaria.tv/news/166112/- ..."The United States confirmed its support to the continuation of the support that the United States provided to Iraq directly in the framework of international financial institutions. "
..."support respect to reaching an agreement between Iraq and the International Monetary Fund on the standby credit arrangements, and its willingness to contribute to the loan guarantees, and mobilize support for the demands of Iraq during the next meeting of the Group of Seven finance ministers, in addition to the summit meeting of this group, which will be held during the last week of the month May next. "
firefly Only thing that is important to me is that they are having INTENSIVE talks in Washington. Parliament and the COM can stand on their heads of all I care. The only people that matter are the ones in Washington right now...They are meeting with the IMF and WB!
Q: [so how close are we ya think?]
Q: [Can they have a change of currency even with what is happening now in their government?]
wmawhite : ...YES...It is the CBI and the banks within Iraq that will begin the process of settling foreign remittances (bills) using the value of the IQD, instead of the current letters of credit that are in USD.
Many of these countries are already trading with Iraq in USD. The change to IQD will be initiated by the CBI...not parliament.
Currently...the IMF, WB have been working hand in hand with the CBI and the banks within Iraq for the sole purpose of Iraq (its banking system) to enter the global economy market.
Once Iraq makes the move to IMF Article 8, then those banks outside of the region...those not familiar with Iraq...will be more likely to do business with them.
As to the value...that is debatable...and not so debatable in the opinion of some...but, back on September 27, 2011...Shabibi, Saleh and Abadi spoke about the value of the IQD being within reason of the region... compatible.
Lostnq8: China launches yuan gold fix to boost power in global bullion market http://www.cnbc.com/2016/04/19/reuters-america-china-launches-yuan-gold-fix-to-boost-power-in-global-bullion-market.html
Raindancer 777: Here is a thought about the SGE announcement! Even though we did not hear everything verbally we wanted to hear. The action that was taken to set the price SPOKE VOLUMES TO THE PEOPLE THAT ARE HAVING TO GO KICKING AND SCREAMING!!! (Actions Spoke Louder Than Words In This Case)!!
Beams: Tsunami of Dollars Coming Back to America Soon-Rob Kirby…GLOBAL CURRENCY RESET IS HERE …PREPARE NOW
Cleitus: This article is HUGE! Backdoc alluded to this a few weeks ago that on the 19th a launch date will be set by China for gold trading by Asian Banks. Gold Spot prices set and ready. Take off 4/19/16! Everything IS coming together globally folks. Great article
Walkingstick: China launches yuan-denominated gold benchmark in Shanghai
Xinhua, April 19, 2016
China launched its yuan-denominated gold benchmark on Tuesday in Shanghai as it seeks to secure more sway in the pricing of the precious metal.
The Shanghai Gold Benchmark Price (code: SHAU), is the quote for trading of 1kg, 99.99 percent purity bullion, denominated in the Chinese yuan and derived from multiple rounds of trading.
The benchmark was set at 257.97 yuan per gram on Tuesday, the Shanghai Gold Exchange (SGE) said in a statement.
The benchmark also lays the foundation for shifting bullion trading in Shanghai from mostly spot to derivatives to increase the appeal of yuan-denominated bullion trading as financial instruments for both domestic and global investors.
SGE Chairman Jiao Jinpu said the launch of the benchmark offers the opportunity to develop bullion trading in China's financial markets and encourage more participation by global investors.
Standard Chartered Bank (China) Ltd. and ANZ Bank (China) Ltd. are among 12 fixing members for the benchmark trading. The other ten members are domestic banks.
The trading margin is set at 6 percent and transaction fees are exempted until June 30 this year.
Walkingstick: China launches yuan gold fix in bid to be price maker
4 Hours Ago
China on Tuesday launched a yuan-denominated gold price fix in its bid to become a price maker in a market dominated by London and New York.
Listed on the Shanghai Gold Exchange, the benchmark price is derived from a 1 kg-contract and was set at 256.92 yuan ($39.70) a gram on Tuesday, Reuters reported. The price will be set twice a day.
China is the world's largest gold producer and jostles with India for the tag of the biggest consumer of the precious metal globally.
Eighteen institutions including top Chinese banks such as Bank of China and ICBC, as well as Standard Chartered and ANZ will join the benchmark fixing.
The yuan gold fix will come up against the London Bullion Market Association's spot benchmark set twice a day with 12 participants.
Swiss trading house MKS' chairman Marwan Shakarchi said China's growing consumption of gold supports the set-up of the fix.
"To have a benchmark price in renminbi ... will help both consumers and producers in this part of the world," said Shakarchi. MKS is one of the 18 trading members of the yuan gold benchmark.
Although the impact of China's gold fix will likely be limited now in a closed monetary system, there is potential for opportunities in the future when the currency achieves full convertibility, Shakarchi indicated.
"Ultimately...I see them uniting the (offshore yuan) CNH and CNY (onshore yuan). (The currency) will be fully convertible and it will be easier to import gold into China," added Shakarchi.