China Silver Exchange Update

253
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.

TF

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,
Ned

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  253 Comments

  Refresh
ReachWest
Mar 12, 2013 - 7:15pm

Ohh - Turd is back in the

Ohh - Turd is back in the saddle - the site is up and running again!!

Unlike chase.com - the retail site for JPM - it's still down as I type.

TURD:1

JPM : 0

Swineflogger
Mar 12, 2013 - 7:15pm
Green Lantern
Mar 12, 2013 - 7:14pm

Not much choice when your

Not much choice when your employer direct deposits and sets up exclusive relationships.

Should I switch to HSBC (drug runners) or Bank of America or Citibank. Or maybe one of those mom and pop banks like Banco Popular that open on a Monday and close down on a Friday.

Eric Sprott holds most of my money. The rest I lend it to the criminals. Wait, they are all criminals. Matress is already spoken for.

¤
Mar 12, 2013 - 7:12pm

While you were away...

...some of us were playing in 'The Library".

Next time this happens again we can gather there.

https://tfmetalsreport.blogspot.com/2013/02/just-reminder.html?showComme...

Prize Fighter
Mar 12, 2013 - 7:10pm

All this internet magic

All this internet magic reminds me I need to buy Bitcoins so I can access and use them anyti

Bollocks
Mar 12, 2013 - 7:08pm

@Green Lantern

JP Morgan Chase hacked into JP Morgan Chase.

Your money has gone.



PS - You bank with JPM? wtf?

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Mr. Fix
Mar 12, 2013 - 7:07pm

It is good to be back.

I got to watch the video that Turd posted on YouTube on the first day of this site.

It was fun to look around at the Watchtower for a while.

But it is definitely better here.

At least the old Watchtower site works as a viable backup if this one goes down.

It was great to see some of the gang posting there this afternoon.

Green Lantern
Mar 12, 2013 - 7:07pm
Road_Scholar
Mar 12, 2013 - 7:06pm

The reason the site was down...

Was it the same guy that pulled the power plug during the Super Bowl?!

RockerBoxer
Mar 12, 2013 - 7:05pm

Thank You!

Elvis Costello & The Attractions - Pump it up 1978

Pump it Up!

RockerBoxer

Subscribe or login to read all comments.

Contribute

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 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Forum Discussion

by SteveW, 2 hours 40 min ago
by TexasTonto, 3 hours 57 min ago
by ja1920voo, 9 hours 38 min ago
by tork311, Jul 10, 2020 - 3:17pm
randomness