The Singapore Precious Metals Exchange Opens For Business

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Author	Replies: 6 / Views: 1,363
coinwatch Pillar of the Community United States 808 Posts	Posted 07/07/2013 7:09 pm Excerpt from The Economist web site: WITH the renowned American investor Jim Rogers on hand to complete the first transaction, a Singaporean entrepreneur called Victor Foo (both pictured below) opened on July 3rd what he claims to be the world's first physical precious-metals exchange. Report this Post to the Staff

traevin Pillar of the Community United States 1454 Posts	Posted 07/07/2013 9:41 pm Quote: At the opening of the SPMX, Mr Rogers speculated that gold still has further to fall, probably to about half of its peak price. This is actually what I found most interesting. Rogers is speculating that gold has what? About 20% farther to fall before hitting the floor? I wonder if his peers would view that number as a bullish or bearish outlook? Report this Post to the Staff
Silverhawk74 Pillar of the Community United States 3670 Posts	Posted 07/07/2013 10:49 pm Peak price was around 1990 as I tracked it to the dollar so 1k then isz bottom eh.... I said in pst here in another thread baout 24 hours ago that I felt 1k was the bottom, nice round number and all so we will see..... Report this Post to the Staff
coinwatch Pillar of the Community United States 808 Posts	Posted 07/08/2013 01:41 am Aside from the always interesting comments of JR, my main reason for sharing was the opening of the physical exchange itself. I seem to recall around a year ago that a similar physical gold exchange was attempted in China but failed to open when Chinese regulators stepped in to squash the deal. At the time it was alleged that certain major American banks pressured the Chinese into the move. I'll have to find the original discussion thread here on CCF just in case anyone is interested. Report this Post to the Staff
bekiz Pillar of the Community Japan 666 Posts	Posted 07/08/2013 01:45 am it's pretty interesting what's the volume of delivered metal gonna be and how much of business will be gone from COMEX the interest in PM in Asia is very strong and looks like growing, so we'll see Report this Post to the Staff
coinwatch Pillar of the Community United States 808 Posts	Posted 07/08/2013 02:25 am Good question, bekiz. By the way, the name of that failed Chinese exchange from last year was the Pan Asia Gold Exchange. There was some discussion here on CCF. Speculation at that time suggested that insiders killed the deal because the new exchange might become a real threat to COMEX. EDIT: fixed exchange name typo. Edited by coinwatch 07/08/2013 02:27 am Report this Post to the Staff
starbuxinvestor Pillar of the Community United Kingdom 616 Posts	Posted 07/08/2013 08:17 am I stopped reading at Jim Rodgers. Report this Post to the Staff
	Replies: 6 / Views: 1,363

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