"Not a word from this crowd acknowledging the massive significance of the announcement of the coming April Yuan kilo gold fix!"
How do you think that it will help?
I have had a bit to do with the use of gold fixes for forward physical and derivative settlements, and I wonder what the take up of a Yuan fix will be by banks and producers outside China. For it to get established globally, I think they will need to demonstrate that buyers and sellers are no better or worse off than if they use the London Fix.
This is probably not what gold investors are hoping for. They probably want a consistently higher price. But if that happens, the buyers will shy away for Yuan fixes and continued to use London where they get a better price. (All this assumes that external producers and banks are happy settle in Yuan.)
It will be interesting to see how it works out.
I agree that everyone is too focused on the Fed. The fact that so many are hanging their hats on a factor of such little consequence for gold is symptomatic of a general loss of plot.
