China Silver Exchange Update

Mon, Mar 11, 2013 - 12:23pm

Last week, I reached out to our friend, Ned Naylor-Leyland for a progress report and status update on what we call The NASE (Ned & Andy's Silver Emporium).

First of all, we call it "Ned & Andy's" but that's only because they sometimes act as unpaid consultants on the project. Neither of them have direct involvement and, thus, full status updates can be challenging to acquire. However, last week Ned was able to track down some new information for us.

The gist of this is that the exchange is still being planned and constructed. It has not been permanently shelved like the PAGE (Pan Asia Gold Exchange). The delays have been primarily bureaucratic and, with the Chinese Politburo elections now well behind us, things should begin to move forward again...though likely still not at the pace any of us would prefer.

Anyway, below is a C&P of the email I received from Ned. At this point, I'm just glad that this exchange is still being built and I hope that it becomes a reality sometime later this year.


Firstly I want to reiterate that although Andy (Maguire) and I were invited to
observe the opening ceremony for the Pan Asia Gold Exchange (with flags,
pomp, ceremony and Chinese Politburo members in attendance) neither of
us have any direct involvement day to day - I wish I did, but we are
both dependent on what we are told and although we have input into the
western perspective on an eastern entity, that is about it. 'NASE' is
still due to happen (thankfully) and my Chinese contact was very
apologetic for the amount of time things have taken. My feeling is that
the wealthy Chinese backers of the new exchange rather dropped the ball
last year, although as I pointed out before, the Politburo reshuffle of
last autumn had to pass before any more regional/state confirmation of
licenses could take place. Without being on the ground in China and
privy to the apparently very long legal and technical discussions there
is a limit to what I can sensibly add at the moment.

My contact told me that things are however progressing now, with
substantial domestic interest, especially from the Beijing Gold Exchange
who want to tie into the 'Silver Paper' - he says that the new exchange
is moving ahead with building a new vault in a special economic zone but
are flirting with custody elsewhere initially in order to get the
contract moving - I am against this and have told them so. Either way,
I have said to them that there will be rather limited international
interest if the aforementioned differences to what is already available
in the marketplace aren't clearly obvious, and I have reiterated again
the need for total transparency on the custody/bar numbers etc. I know
the new exchange has a website ready to be filled with the requisite
information, but the details of the contract need to be clearly defined
and posted in there with a timeline to launch laid out before I would be
happy to make any more 'noise' on their behalf. We all look forward to
a fully allocated spot silver exchange, and I hope that this Chinese
group can deliver on it - but like much of Turdville I am currently
forced to wait and see it delivered before getting too excited. I hope
that the natives take this holding pattern update for what it is -
meanwhile I know there are other countries that have similar projects up
and running in the formative stages (no, I now know better than to jump
the gun!) so either way I believe that the idea of full spot allocation
is closer than we may think.

Best as always,

About the Author

turd [at] tfmetalsreport [dot] com ()


The Springbok
Mar 11, 2013 - 12:28pm



Swift Boat Vet
Mar 11, 2013 - 12:29pm

Excellent News --- Thanks Ned and Turd

To quote another Turdite, "Top 10-ish?"


Mar 11, 2013 - 12:29pm



Mr. Fix
Mar 11, 2013 - 12:31pm
Nick Elway
Mar 11, 2013 - 12:32pm

USGS Silver


In 2012, the estimated uses were electrical and electronics, 35%; coins and medals, 25%; photography, 10%; jewelry and silverware, 8%; and other, 22%.
Salient Statistics—United States:2010 2011 2012e
Mine 1,280 1,120 1,050
Primary 819 790 750
Secondary (new and old scrap) 1,330 1,710 1,500
Imports for consumption2 5,370 6,410 5,300
Exports2 709 904 1,200
Consumption, apparent 7,540 7,910 5,900
Stocks, yearend:
Treasury Department 220 220 220
COMEX 3,250 3,650 4,400
Exchange Traded Funds 18,400 17,600 19,000
Recycling: In 2012, approximately 1,500 tons of silver was recovered from new and old scrap.
Import Sources (2008–11):2 Mexico, 51%; Canada, 23%; Peru, 6%; Poland, 6%; and other, 14%.

A little discrepancy USGS reports 220 tonnes of Treasury silver held at the US Mint. The US Mint Annual Report has 19 tonnes of Treasury silver.


Mar 11, 2013 - 12:33pm


It's not first though, is it?

Total disaster .

Mar 11, 2013 - 12:34pm


bring on the exchange, but totally agree that it must be 100% allocated with bar numbers, etc clearly stated and in the clear. Really show that the LBMA & COMEX are re-hypothicated ponzi schemes. Otherwise, the sheeple won't know the difference...

Mar 11, 2013 - 12:35pm


Somehow I think this video depicts how Blythe will feel when she covers her shorts.

Mar 11, 2013 - 12:37pm

Slow boat from China

Thanks for the thread update and thanks to Ned Naylor for providing the update regarding China and the slow but sure pace of things over there.

Texas Sandman
Mar 11, 2013 - 12:42pm

silver bar numbers

Not so easy. The more late day Johnson Mathey bars have no serial numbers on them! They don't make engelhards any more (they had serial numbers). RCM bars are stamped with year & serial numbers (one reason I'm buying these now).

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Subscribe or login to read all comments.


Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Recent Comments

by Montross515, Oct 21, 2019 - 9:37pm
by AGAU, Oct 21, 2019 - 8:17pm
by Montross515, Oct 21, 2019 - 8:13pm
by metallionnaire, Oct 21, 2019 - 7:47pm

Forum Discussion

by NW VIEW, 42 min 28 sec ago
by Trail Trekker, Oct 21, 2019 - 10:38pm
by Trail Trekker, Oct 21, 2019 - 8:49pm
by admin, Oct 21, 2019 - 6:49pm