China Is Now In Control Of Global Silver Prices
Waylan Choy stashed this in Global Contrasts
one of China’s largest banks just became a member of an elite group of players that controls fluctuations in this key metal.
CME Group, which runs the process for price setting of silver in London, said Sunday that China Construction Bank will officially join as a member of the silver price process. Putting it alongside existing participants HSBC, JPMorgan Chase, The Bank of Nova Scotia, Toronto Dominion Bank, and UBS.
These groups will now participate in price bids that go into setting the official London silver price. The first time that China will have direct influence on this process.
I wonder what happens next.