Alasdair Macleod: The new London gold fix and China
2:29p ET Friday, March 6, 2015
Dear Friend of GATA and Gold:
As of March 20, when the London daily gold price fixing is democratized a little with the participation of Chinese banks and made more transparent, China will be in a position to control the price of the monetary metal, GoldMoney research director Alasdair Macleod writes today.
"What is truly amazing," Macleod writes, "is that the Western economic and political establishments have dismissed the importance of gold and ignored all the warning signals. They do not seem to realize the power they have given China and Russia to create financial chaos by simply hiking the gold price. If they do, which seems to be only a matter of time, then London's fractional-reserve system of unallocated gold accounts would simply collapse, leaving Shanghai as the only major physical market."
Macleod's commentary is headlined "The New London Gold Fix and China" and it's posted at GoldMoney here:
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