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Monty and Tony quoted in Lawrence Williams article, “Camping it up in gold and silver”

Monty and Tony quoted in Lawrence Williams article, “Camping it up in gold and silver”

Notable among the moves in this direction has been the launch of the Chinese government backed Pan Asia Gold Exchange (PAGE).  Writing about PAGE inFinancial Sense Monty Guild and Tony Danaher make the following observations: “PAGE will allow individuals to buy physical gold from their computer at home. Initially, the 200 million or so clients of Agriculture Bank of China will be able to buy 10-ounce mini contracts on the PAGE.  Later, non-Chinese will be able to purchase International Spot Contracts through the exchange.  

Ultimately, PAGE will provide an alternative playing field for global gold investors who hitherto have had to rely on unsecured gold futures contracts and the bullion banks to determine the price for gold.  With PAGE, a gold buyer will be able to receive a 90-day International Spot Contract and actual title to the gold he/she buys, not just a futures contract or an unsecured note from a bullion bank, or an international banking institution. The PAGE gold’s in 10 ounce bars can be delivered to the customer with little effort. The international bullion banks, have been accused for years of manipulating the gold price.  Such manipulation will now be more difficult.

PAGE could pose a challenge to the near monopoly on gold price discovery currently held by the members of the London Bullion Market Association (LBMA) that include many large banks.”

 

To see the full article please click here.