~*~Mining and Metals Du Jour~*~

[DocLevi]

That was an interesting piece of work on China

.

China loves gold for their falsegod images I imagine. While they are still to open their own Chinese benchmark I doubt they will succeed in puffing up the market price for their benefit.
Google result"Foreign banks in China could face curbs if they snub gold benchmark
www.reuters.com/article/us-china-gold-idUSKBN0UJ0J520160105 - Cached
Markets | Tue Jan 5, 2016 4:17am EST ... from a contract to be traded on the state -run Shanghai Gold Exchange, the Chinese benchmark is set to launch in April, ..."

The real benchmark:
https://www.theice.com/article/iba-lbma-gold-price
By Finbarr Hutcheson, President, ICE Benchmark Administration Ltd.
Originally published by LBMA - ALCHEMIST ISSUE SEVENTY EIGHT

On March 20, 2015 ICE Benchmark Administration Ltd (IBA) became the administrator for the LBMA Gold Price, which replaced the London Gold Fix as the principal global benchmark for daily gold prices. That day was the culmination of a tremendous amount of work by the London Bullion Market Association (LBMA), IBA and the day one participating firms – Bank of Nova Scotia - Mocatta, Barclays, Goldman Sachs, HSBC, Societe Generale, UBS and JP Morgan Chase (who joined one week later). That morning, the transition from the London Gold Fixing Company Limited phone call methodology to the electronic WebICE platform was seamless. I was delighted to witness the first ever gold auction which published the LBMA Gold Price at $1,171.75....
Bank of China recently became the first Chinese direct participant and both China Construction Bank and the Industrial and Commercial Bank of China have announced their intent to join the auction. Compared to the volumes of last five months of the London Gold Fix, volumes in the auction have almost doubled....


Question, where is the Arabs and Russians are they joining Chinese benmarks to try and overthrow the forces in control? Not only is trying to overtake the dollar in trade with their own currency in world trade but Russia probably laughingly put them up to it... lol I wouldn't believe a thing about it. From the the Gold Rush shows 3 years ago when they went to South America plus another show in Africa, Chinese where using armed thugs to raid claims... and Peru has a whole lot of gold where Todd chicked out of their organized labor locals running them off, before choosing a location that had nothing (probably already worked years earlier).