GNCC Capital Inc (GNCP)

[TenKay]

"What good is it doing?"

What good is what doing? China establishing a yuan price fix for gold? I have no idea. But China wants its currency to be taken more seriously and has long chafed at the USD dominance in the world market. I guess they were hoping to provide an alternative price fix to the gold markets that currently use either USD, Euros or Pounds.

"Your assuming China has control of the gold market."

Huh? I am assuming no such thing. Some here are arguing that the yuan is now "gold backed". It isn't. They appear to not understand the difference between a "gold price fix" and "gold backed". That is all I am discussing.

Besides, the US is the largest holder of gold at nearly twice as much as the next highest Germany. China is sixth so they are hardly in a position to control it.