September 29, 2014: This could be the most important day for gold in years
For years, we’ve heard claims the price of gold is being manipulated. Five days from now, we could find out…
The Wall Street Journal reports the Shanghai Gold Exchange will open to international trading on September 29, in the city’s new free-trade zone. The exchange will allow foreign investors to trade gold – including physical gold –denominated in China’s currency, the yuan, for the first time.
China’s goal is to gain more influence over global gold markets that have traditionally been controlled by the West. As the world’s largest gold producer and consumer, this move isn’t surprising… but some suggest it could finally set the gold price “free” from manipulation.
Writing for LewRockwell.com, author Bill Sardi says this means “there will be a marketplace where gold cannot be easily manipulated by gold futures and options (paper gold) compared to physical gold… We are going to find out the real value of gold in an open market. The same goes for silver.”
We here at The Crux can’t say for certain if this is true. We have no crystal ball. But expanding the global market for gold can only be a good thing for price transparency… And if you’ve been waiting for a good reason to pick up a little more gold, this could be it.
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