Good Day Team, I know that we drag you around the web to read various articles from time to time, but it is important to read as widely as you possibly can. Today we are popping over to King World News to for this commentary on the launch of a new gold and silver exchange in China.
This morning London whistleblower Andrew Maguire told King World News that the launch of the new gold and silver exchange in China will destroy the remaining gold and silver shorts. Maguire stated,
“The launch of this new gold and silver exchange has flown under the radar, but certainly has my attention. I firmly believe we are marking a pivotal point that will in very short order affect current precious metals price discovery dynamics. We now have an additional factor to be vended into the supply demand equation. This factor will ultimately destroy the remaining short positions in both gold and silver.”
The Agricultural Bank of China has over 320 million retail customers and 2.7 million corporate customers and has integrated its customer account information system with this platform.
By creating the first ever rolling spot contract, Chinese bank customers will for the first time have ease of access to 10 ounce gold contracts in Renminbi directly from their bank accounts and with the click of a mouse. To give a further idea of scale, if just 1% of their customers bought a single 10 ounce contract, that would equate to 1,000 tons of physical gold being drawn down....
We can only add our two cents worth regarding Andrews calculations in that he uses 1% of the customers which we would agree with, but, we are not sure that 10 ounces is within their reach, after all that's $15000.00. However, the opening of this exchange has to be a game changer and if the banks in the western world seize the opportunity and offer similar services then we can only imagine just how many customers would divert some of their wealth into the precious metals sector.
Regarding www.skoptionstrading.com. We currently have a number of trades on the drawing board, two of which have been placed as they met our selection criteria. Patience is the order of the day as it is very important to trade only when the set up is in our favour.
Our model portfolio is up 338.11% since inception
An annualized return of 128.07%
Average return per trade of 40.41%
81 closed trades, 78 closed at a profit
Average trade open for 46.27days
The above progress chart shows our performance when profits are re-invested, however, to see exactly how it is going, please click this link.
So, the question is: Are you going to make the decision to join us today.
Stay on your toes and have a good one.
Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.
To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)
For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter.
For those readers who are also interested in the nuclear power sector you may want to subscribe to our Free Uranium Stocks Newsletter, just click here.