Los Angeles CA, August 19 (Tangible Investments) - by James O’Dell - Gold and Silver prices were mixed on an uneventful Monday, as Gold eased $7.20 or 0.55 percent to close at $1,297.35 an ounce, as stock markets in Europe followed Asian gains while the dollar capped Gold's early rise. Silver rose $0.05 or 0.26 percent to close at $19.64 an ounce, while the Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold, fell to 66.06.
China has just approved three more banks, one a foreign lender, to begin importing Gold into the world's top Gold consuming nation. This raises to 15 the total number of firms allowed to import the yellow metal into China. Standard Chartered, Shanghai Pudong Development Bank and China Merchants Bank each recently received regulatory approval to import Gold.
China, the world's top Gold importer is also preparing for the launch in September of a new international bullion exchange. The Shanghai Gold Exchange (SGE) remains on target to begin bullion trading in Shanghai’s free-trade zone on Sept. 26, according to those familiar with the matter. It's one step closer for China in its drive to bring a price discovery center for Gold to Asia, while Shanghai is hoping to become the world’s largest physical Gold market.
Many Asian Gold trading centers like China and Singapore have been calling for years for local precious metals pricing as they seek to break free of the so-called London fix. The chairman of the SGE said in June that since China is both the biggest consumer and producer of Gold, it should have its own pricing benchmark. China imported more than 1,000 tons of Gold in 2013 as Gold prices dipped sharply, and while some like to believe Asian demand has dried up, China will likely import more than 1,000 tons this year as well.
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