Is PAGE dead on PBOC ban on non-Shanghai gold exchanges?

Mineweb (ex-Reuters) is reporting that “Gold exchanges in China outside of two in Shanghai are to be banned, authorities said in a statement released on Tuesday.”

Looks like the much hyped Pan Asia Gold Exchange is dead. Not sure where this leaves those who claimed that it “will ultimately destroy the remaining short positions in both gold and silver”.

I will come back to this story but for the moment I want to see how the pumpers and hype merchants spin it, or unspin what they said before.

I also find it interesting that this story breaks at the same time as China Daily reports that “China should further diversify its foreign-exchange portfolio and make more gold purchases when the metal’s price dips but is still at a relatively high level, a senior central bank official said on Monday.”

What is China’s game re gold? How can we weave these two stories into a coherent explanation?

3 comments to Is PAGE dead on PBOC ban on non-Shanghai gold exchanges?

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