Hi George, remember what we communicated about such a short time ago ...
Soon ... means anything from end of year to 24-36 months later, but my bet is end of year announcement on exactly what soon means.
I can visualize it now, the hanky panky, smuggling, hoarding, mania, frenzy, and abandonment of all hard paper currency for bedding stuffing purpose.
Chugs, Jay
chinaonline.com
China relinquishes control of gold to open market
(9 May 2001) The government is about to relax its grip on gold. Buying and selling gold, in practically any form, has been the exclusive prerogative of the People’s Bank of China (PBOC).
The current central control of all gold transactions will be replaced with an open market system. The plan is likely to be approved by the State Council soon, reports the May 8 Xinwen Chenbao (Shanghai Morning Post).
After the announcement of the plan, industry experts in Shanghai noted that abolishing the system of centralized control would mean that private companies and individuals would be able to buy and sell the precious metal.
Liu Shanen, deputy-director of the Beijing Municipal Gold Economic Development Research Center, predicted that opening the gold market would provide more versatility for the various functions of gold. The price will gradually align with the global market and will fluctuate in step with the international gold market. The price fluctuations in gold purchases or buybacks will allow gold to have investment value, and will offer consumers a whole new investment vehicle, the story said. |
