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Chinese exchange, blessing or curse?

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#1 Wed, Jul 20, 2011 - 3:16am
Western
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Chinese exchange, blessing or curse?

https://www.goldalert.com/2011/07/will-chinese-exchange-destroy-goldsilv...

https://www.bloomberg.com/news/2011-07-19/joke-is-on-china-as-u-s-s-aaa-...

Hey Guys, so based on the title I was hoping to get some discussion going on the upcoming Chinese exchange opening. Like everyone else, I'm watching the price like a hawk to see what silver is doing and when, presumably, the inevitable silver rocket takes off.

A certain quote worried me in the second link;

Quote:
All this has led to fascinating diplomacy. China now implores the U.S. to safeguard the dollar. When Secretary of State Hillary Clinton visits Beijing, U.S. debt is as much on the agenda as human rights. Europe looks to China to help its ailing economies avoid the need for an International Monetary Fund bailout. Japan curries favor with Washington with pledges not to dump its own dollar holdings.

Safeguard the dollar? Will this new exchange take silver and gold to more proper prices (way up), or is it just a second outlet to destroy silver and protect the USD for a while longer?

Edited by: Western on Nov 8, 2014 - 5:09am
Wed, Jul 20, 2011 - 11:26am
SilverTree
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Exchange Opens Silver Contract Friday

Great post Western!

I think this will boost PM prices.

https://dont-tread-on.me/hong-kong-metals-exchange-opens-silver-contract-friday/

Wed, Jul 20, 2011 - 11:48am
FalseParadigm
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I share your concerns

Western wrote:

https://www.goldalert.com/2011/07/will-chinese-exchange-destroy-goldsilv...

https://www.bloomberg.com/news/2011-07-19/joke-is-on-china-as-u-s-s-aaa-...

Hey Guys, so based on the title I was hoping to get some discussion going on the upcoming Chinese exchange opening. Like everyone else, I'm watching the price like a hawk to see what silver is doing and when, presumably, the inevitable silver rocket takes off.

A certain quote worried me in the second link;

Quote:
All this has led to fascinating diplomacy. China now implores the U.S. to safeguard the dollar. When Secretary of State Hillary Clinton visits Beijing, U.S. debt is as much on the agenda as human rights. Europe looks to China to help its ailing economies avoid the need for an International Monetary Fund bailout. Japan curries favor with Washington with pledges not to dump its own dollar holdings.

Safeguard the dollar? Will this new exchange take silver and gold to more proper prices (way up), or is it just a second outlet to destroy silver and protect the USD for a while longer?



I'll look for the article but a few months back there was an article talking about how the HKMEX is basically run by the same inner circles that run the COMEX. 

Also, there was the same exact buzz back in March-May over HKMEX launching their own gold contracts. Everyone said "prices are going to soar!" Well, a month or so after they went live, gold rallied up to around $1560 and then fell to $1480.

I think people need to temper their expectations on what this new exchange will do. I highly doubt on Friday that silver will rocket up 5%. 
Wed, Jul 20, 2011 - 11:48am (Reply to #2)
Blyth's 12 inch Silver Penis
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i think it will start the

i think it will start the second stage of the rocket nicely

Wed, Jul 20, 2011 - 12:00pm
snoochieboochies
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I think it will push the

I think it will push the prices of precious metals up, but there is no guarantee that the Chinese wont play the manipulation game the same way that the big bankers are now.

I'm a noob, please don't take anything i say as trading advice!!
Wed, Jul 20, 2011 - 1:00pm
silverbleve
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Hk exchange

They will play the same game . The difference is, the Chinese want the real metal. I believe they want lower prices too, but not just so they can make money on the downside like their American cartel counterparts, they want lower prices so they can get a deal on physical. Don't forget china is the #2 consumer of silver worldwide right behind India.

Wed, Jul 20, 2011 - 3:24pm (Reply to #6)
FalseParadigm
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Agreed

silverbleve wrote:
They will play the same game . The difference is, the Chinese want the real metal. I believe they want lower prices too, but not just so they can make money on the downside like their American cartel counterparts, they want lower prices so they can get a deal on physical. Don't forget china is the #2 consumer of silver worldwide right behind India.

It's not in China's best interest to dramatically push up gold and silver. They will probably do the same thing that COMEX does and limit the upside of silver. Precisely what sites like don't tread on me missed.

Thu, Jul 21, 2011 - 3:27pm
silverbleve
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T minus 4 hours

Can't wait

Thu, Jul 21, 2011 - 5:07pm (Reply to #8)
Blyth's 12 inch Silver Penis
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i cant wait either drive the

i cant wait either drive the motha foker to the MOON

Thu, Jul 21, 2011 - 6:40pm
silverbleve
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trying to stay calm without drinking

t minus one hour before the "pre session" hours. Whatever that means, seems like they are using the mumbai exchange style hours. I wonder if the pre-trading hours will even show up on charts, or if they will just collect a bunch of orders and then dump them all on the market at the actual open a half hour later (8am hk time)

Where is Joeka? Whaddaya say we meet in turd chat at the exchange open to watch the numbers come in? Its wierd that there is so little news about this, A google search for "hkmex hong kong mercantile exchange silver" for the last 24 hours comes back with only one result, a rueters africa story:

https://af.reuters.com/article/metalsNews/idAFL3E7II0W920110718

 An additional search parameter of news from the last hour comes up with nothing. Just, kinda strange. 

I'm watching the charts by the tick right now, I know SOMEONE out there has some kind of insider info and will try to front run the open, wether it goes up or down, someone will show thier hand before the actual exchange opens (in my humble opinion) either way I'm excited.

How about a turdtown vote, bullish or bearish in your opinions folks? Obviously, I'm leaning to bullish but wtfdik.

Thu, Jul 21, 2011 - 7:22pm
silverbleve
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10 minutes (joeka get in here!)

lol. Maybe its the coffee talking, but I'm just so excited. The open of the exchange took gold up $50, albeit for a short duration. I'm prepared to rise this wave all the way back to shore. Go silver!

Fri, Jul 22, 2011 - 12:14am
Western
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Bearish vote for me. If I was

Bearish vote for me.

If I was Blythe, I'd send a message and try to scare everyone by creating a big drop on the HKX. Either that or keep it level until the debt ceiling deal.

In summary; bearish for silver.............. bullish for QE :)

Fri, Jul 22, 2011 - 1:44am
silverbleve
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40 cents

looks like it is bear in the short term, down 40 cents since the open. Hat tip to ya.

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