China, Russia, BRICS and Now UAE: Everybody Wants A Gold Trading Platform!

• China, Russia, BRICS and Now UAE: Everybody Wants A Gold Trading Platform!
  by https://thedailycoin.org/
  China started something when they opened the Shanghai Gold Exchange where physical gold is traded to a global market. Russia began trading gold futures on the Moscow Exchange which was followed by China and Russia announcing they would open the BRICS Gold Exchange to assist the other members of the BRICS alliance to acquire more gold. This was followed by India stating they would be pursuing a gold spot exchange market and next up is the United Arab Emirates (UAE) announcing they, too, are going to open a physical gold trading platform. WOW! That’s a lot of physical gold changing hands on a daily, weekly, monthly and yearly basis.
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  This is all pointing towards what seems to be a likely conclusion – a new gold pricing mechanism that is operated by the Shanghai Gold Exchange instead of COMEX in Chicago and New York or the LBMA in London.
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  It seems that slowly and surely, the major gold producing nations of Russia, China and other BRICS nations are becoming tired of the dominance of an international gold price which is determined in a synthetic trading environment which has very little to do with the physical gold market.
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  The Shanghai Gold Exchange’s Shanghai Gold Price Benchmark which was launched in April 2016 is already a move towards physical gold price discovery, and while it does not yet influence prices in the international market, it has the infrastructure in place to do so. Source
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  Apparently, the UAE is already moving ton upon ton of physical gold through the nation as it makes up approximately 20% of all their exports outside of oil. That is an amazing percentage of business, especially, if you take into account the fact the UAE either doesn’t mine gold at all or is not mining a significant amount of gold.
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