Thursday, September 18, 2014

Shanghai gold trading platform given surprise launch date

Shanghai gold trading platform given surprise launch date
September 16, 2014 • Reprints

Tuesday the Chinese government backed Shanghai Gold Exchange (SGE) brought forward the launch date of its international gold trading platform which is hosted in the city’s free trade zone (FTZ). The gold trading platform will be known as the ‘international board.’

In a surprise announcement, the SGE said today that the international board will go-live this Thursday September 18, eleven days ahead of its original launch date of Monday Sept. 29.

Forty members of the Exchange including global banks UBS, Goldman Sachs, HSBC and Standard Chartered, will participate in gold trading on the SGE’s international board, trading 11 yuan denominated physical gold contracts including the large 12.5 kg (400 oz) bar, the ever popular 1 kg bar and a 100 gram contract.

The location of the SGE international board in the Shanghai free trade zone is symbolic in that this location has been earmarked by the Chinese government as part of financial sector internationalisation strategy.

The SGE is also opening a precious metals vaulting facility in the free trade zone with a 1,000 tonne capacity limit.

In a related development yesterday, the Hong Kong based precious metals trade organisation, the Chinese Gold and Silver Society (CGSE) announced that they have been given permission by the Chinese government to construct a precious metals storage vaulting facility in a special economic zone in Shenzhen in China.

The CGSE is the the first non-mainland entity to be given such permission. The CGSE’s vaulting facility will have a 1,500 tonne capacity and will be completed by late 2016 or early 2017.

Developments in the Asian precious metals markets are continuing to advance at a rapid pace. The pace of developments changes daily as illustrated by the acceleration this week of the Shanghai Gold Exchange’s international board.

Indian buying has remained strong throughout the period of weakening prices and the period of artificial demand constraints imposed by the Indian financial authorities.

In Asia gold demand remains an overall structural phenomenon, and is not purely cyclical.

Cocaine and cannabis in a Vatican car

Drugs and Dealers seized in Vatican diplomatic vehicle linked to Pope's adviser and friend, Argentine Cardinal Jorge Maria Mejia

Google translated from French 
September 16, 2014

Cocaine and cannabis in a Vatican car

Four kilos of cocaine and 200 grams of cannabis were seized by customs officials at a toll near Chambery, Savoie, Sunday, Sept. 14. The decision is important, and "coverage" found by smugglers presumed original: they were traveling in a diplomatic car Vatican .

According to two reliable sources, the car belongs to the Argentine Cardinal Jorge Maria Mejia, 91, retired librarian of the Holy See. According to RTL, his private secretary would have given the car a few days earlier, to have it serviced, to two Italians aged 30 and 41 years.

The latter would have the opportunity to make a return trip to Spain and buy drugs, thinking that no one would stop them with a diplomatic plate.


The two Italians, who had initially presented as simple drivers during routine check had initially claimed that the drug was not theirs. Being neither one nor the other in possession of a diplomatic passport, there is no evidence at this stage to challenge the Vatican, said a judicial source.

The Holy See recognized that one of his diplomatic car was arrested with drugs on board by French customs, but has formally stated that no employee or member of the small state was directly involved in the case, according to the agency I.MEDIA specializes in the Vatican.

The two Italians were arrested and taken into custody, and must be referred to the public prosecutor on Thursday morning from Chambery to be brought before a magistrate. A criminal investigation should be opened for "drug trafficking" . The judicial police in Lyon has been conducting the investigation by the prosecutor of Chambery. 
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