I don't know what the heck that all means. Regardless, I don't think the full impact of the International Board is going to be felt in the first 100 hours. Let them get operational. Then we'll see who sets the real price.
I've said all along the PTB are gonna ride precious metals down until they no longer can. In other words, into the default.
It's not like they are gonna "get religion" at the last minute and all of a sudden turn honest. This tragedy is gonna have to run full course to it's ultimate and inevitable conclusion.
+0) Products Products Price Matching Products (T+0) Products Product List Delayed Quotes Price Trend (T+2) Products (T+D) Products Price Asking Products (T+0) Products To trade in a physical product, a buyer must possess funds of an amount equaling the total transaction value of the product when placing the order (trade in physical platinum product shall require an additional 2% of the transaction value as the Clearing Deposit to cover for Differential Weight); and a seller must have the corresponding full amount of physical bullions in its trading account when placing an order. After an order is placed, the funds or physical bullions covered by the order will be frozen immediately.
After an order on physical gold product is filled, the buyer may re-sell the purchased gold on or after the current trading day, or may request to withdraw the gold; for physical platinum product, the buyer may not re-sell the purchased platinum on or through the Exchange, and is only allowed to request to withdraw the platinum. 90% of the payment from selling the physical bullions may be used for trading on the same trading day, with the remainder of the payment being settled at end-of-day clearing.
iAu99.5 Product Gold Product Code iAu99.5 Trading Method Physical Product Size 12.5 kilograms/lot Price Quotation (RMB)Yuan/gram Minimum Price Fluctuation 0.01 Yuan/gram Daily Price Limit 30% above or below the closes price of the previous trading day Minimum Quotation Size 1 lot Maximum Quotation Size 200 lots Trading Hours Morning: 9:00 a.m.-11:30 a.m.; Afternoon: 13:30 p.m.-15:30p.m.; Night: 20:00 p.m.-02:30 a.m. Settlement Type Delivery-versus-payment Product for Delivery Gold ingots with a Standard Weight of 12.5 kg and a fineness of no lower than 995.0 Delivery Method Physical Delivery Period T+0 Grade and Quality Specifications Standard physical bullions produced by SGE certified gold producers and meet SGEB1-2002 quality standards, or produced by qualified producers certified by London Bullion Market Association (LBMA). Delivery Venue Delivery Vaults certified by SGE international board Transaction Fee 0.035% of the trading value Delivery Fee 0 Listing Date 09/29/2014 iAu99.99 Product Gold Product Code iAu99.99 Trading Method Physical Product Size 10 grams/lot Price Quotation (RMB)Yuan/gram Minimum Price Fluctuation 0.01 Yuan/gram Daily Price Limit 30% above or below the closes price of the previous trading day Minimum Quotation Size 1 lot Maximum Quotation Size 10000 lots Trading Hours Morning: 9:00 a.m.-11:30a.m.; Afternoon: 13:30 p.m.-15:30 p.m.; Night: 20:00 p.m.-02:30 a.m. Settlement Type Delivery-versus-payment Product for Delivery Gold ingots with a Standard Weight of 1 kg and a fineness of no lower than 999.9 Delivery Method Physical Delivery Period T+0 Grade and Quality Specifications Standard physical bullions produced by SGE certified gold producers and meet SGEB1-2002 quality standards, or produced by qualified producers certified by London Bullion Market Association (LBMA). Delivery Venue Delivery Vaults certified by SGE international board Transaction Fee 0.035% of the trading value Delivery Fee 0 Listing Date 09/29/2014
iAu100g Product Gold Product Code iAu100g Trading Method Physical Product Size 100 grams/lot Price Quotation (RMB)Yuan/gram Minimum Price Fluctuation 0.01 Yuan/gram Daily Price Limit 30% above or below the closes price of the previous trading day Minimum Quotation Size 1 lot Maximum Quotation Size 1000 lots Trading Hours Morning: 9:00 a.m.-11:30a.m.; Afternoon: 13:30 p.m.-15:30 p.m.; Night: 20:00 p.m.-02:30 a.m. Settlement Type Delivery-versus-payment Product for Delivery Gold bars with a Standard Weight of 0.1 kg and a fineness of no lower than 999.9 Delivery Method Physical Delivery Period T+0 Grade and Quality Specifications Standard physical bullions produced by SGE certified gold producers and meet SGEB2-2004 quality standards, or produced by qualified producers certified by London Bullion Market Association (LBMA). Delivery Venue Delivery Vaults certified by SGE international board Trading Fee 0.035% of the trading value Delivery Fee 0 Listing Date 09/29/2014
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