Hong Kong gold futures trading starts tomorrow, which will help wrest control from COMEX (Shanghai gold futures opened Jan08 but for institutional investors only). This has very positive ramifications for the gold price:
http://www.marketwatch.com/news/story/hong-kong-exchange-planning-unveil/story.aspx?guid=%7B39237278-5DC9-4CEB-88D1-018DA0791E5F%7D
"The VM Group said the liberalisation of gold trading in China was opening new opportunities for investors of all shapes and sizes, both overseas and in China itself. Despite recent market turmoil, the high annual savings rate among Chinese households and the country's rapid economic growth mean that investing in gold, both physical and futures, has a very strong long-term outlook in China."
"Since the world's major gold futures exchanges trade and settle in dollars, and the Shanghai spot and futures markets trade in Yuan, the Hong Kong futures market could help reduce risks and provide arbitrage profit opportunities from currency fluctuations," said the Group.
Rowingboat.
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