If you haven't heard China is opening their own Commodities Exchange bypassing the corruption in the US Commodity Exchange.
It will be opening next tuesday in 9 days!
http://www.zerohedge.com/article/hong-kong-mercantile-exchanges-1-kilo-gold-contract-end-comex-gold-futures-trading-and-bang-
The Hong Kong Mercantile Exchange (HKMEx) has received authorisation from the Securities and Futures Commission and will make its trading debut on May 18, 2011
The ATS authorisation grants HKMEx the right to offer market participants, through its member firms, the use of its state-of-the-art electronic platform to trade commodities. The Exchange will begin trading with at least 16 members including some of the world’s largest financial institutions as well as several well-established brokerages in Hong Kong.
“We are very excited about this historic day. It allows us to establish a liquid and vibrant international commodities exchange based in Hong Kong, linking China with the rest of Asia and the world,” said Barry Cheung, chairman of HKMEx. “Global demand for core commodities has in recent years been driven by Asia, especially China and India. However, market participants in the region have had to rely on Western exchanges for price discovery, bearing the basis risk exposure in the process. Our new platform will offer Asia a bigger say in setting global commodity prices. It will also enable market participants to more actively manage their risk exposures, using products tailored to Asian market needs.”
Now silver will find its real price! Make sure you buy on this dip if you haven't already, anything near 30 is a great buy, they had to raise margins to drop the paper price, physical price hasn't dropped much, still people are paying over $40 an ounce for physical!
With silver being traded "freely" on the Chinese Comex we should see silver find its true value for once, I'm guessing it will be slow start at first but eventually we should be getting close to $75-100 per ounce
Keep on stackin'
