Jul. 3 at 8:12 PM
$JNUG $GLD $SLV $B $GDX
❌Hong Kong to launch long-awaited gold clearing & settlement system next wk❌
➡️The city plans to process its 1st gold settlement on Tuesday
The implication that China & perhaps other countries are attempting to distance themselves from US reliance on price structure & suppression ? That would be a YES, they are reducing reliance on London & COMEX pricing. Building the infrastructure is only the 1st step; widespread adoption by banks, traders, refiners, & investors will determine how much influence they ultimately have but 1 thing is for certain is that nothing stays the same, it gets more or less but does NOT stay the same
According to industry sources, significant quantities of London Good Delivery gold bars have already been moved from London, the U.S., & Europe into Asia ahead of the launch. This reallocation could create short-term volatility in the London gold market as inventories rebalance
https://www.scmp.com/business/markets/article/3359239/hong-kong-launch-long-awaited-gold-clearing-and-settlement-system-next-week-sources
