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Mike Kosares: Will the Shanghai fix fix the gold market?
5:50p ET Monday, March 9, 2015
Dear Friend of GATA and Gold:
China's new involvement in the London gold market and its opening of a physical gold exchange in Shanghai may be meant less to bust the Western paper gold racket than to facilitate the flow of Western gold to Asia that is already underway, USAGold proprietor Michael Kosares writes today.
"I see China's latest forays in the international gold market as an attempt to fuse with and influence the current market structure rather than circumvent or supersede it," Kosares writes. "China, in my view, seeks synthesis, not antithesis, and though some might be disappointed in the strategy, I see it as bracing for gold's future and even more bullish for gold in the long run than a policy of confrontation. By taking its seat at the gold-pricing table, China inadvertently will act as a proxy for gold coin and bullion owners all over the world."
Kosares' commentary is headlined "Will the Shanghai Fix Fix the Gold Market?" and it's posted at USAGold here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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