When the International Board of the Shanghai Gold Exchange (SGE) was launched last Thursday September 18 during an evening trading session, it was notable that the first transactions were put through by a diverse group comprising HSBC, MKS (Switzerland), and the Chinese banks, ICBC, Bank of China and Bank of Communications.
MKS is the Geneva headquartered precious metals trading group that also owns the large
PAMP refinery company in Switzerland.
http://www.zerohedge.com/news/2014-09-23/china-moves-dominate-gold-market-physical-exchangeNormally I would be "Huh, interesting, let's wait and see" but PAMP caught my eye, they are not an insignificant player in the physical PM market, this might have more impact up front than I initially thought.
And I agree with the sentiment that this is more about the Chi-Com's positioning themselves as preeminent manipulator without peer...when (not if) the U.S. shyts itself, not because of any noble interest in advancing the condition of the common man.