Interesting news this morning out of China. Apparently the Central Bank has granted permission to the Shanghai Gold Exchange Group to set up an international gold exchange and has approached a wide group of players in backing it. They include the Bank of Nova Scotia, HSBC, Standard Chartered, and Australia and New Zealand Banking Group.
This represents a serious push against the traditional monopoly on gold trading held by exchanges in New York and London. Due to China's enormous gold reserves some commentators are speculating that this will be bullish for the price of gold in the long term.