CGSE, a metals market participant since 1910, plans to expand its offerings next year. According to the reports by China Daily, the CGSE aspires to strengthen city’s status as ‘precious metals trading hub’. As a part of its plans, the CGSE conducted its first Annual CGSE International (Silver) Conference last week. It also plans to form a subsidiary to act as a clearing house, revealed China Daily.
Haywood Cheung, CGSE International President, revealed the details of Loco Hong Kong Silver Contract, a new trading platform that the society plans to launch in the first quarter of 2013 during the conference. He said that the silver contracts will be denominated in Hong Kong dollars. He also added that the contracts will have to be of at least 10 kilograms.
The CGSE’s plans for the Loco Hong Kong platform and Chinese storage indicate an increasing trend while leading Asian players seem to diligently targeting a change in gravity center of the precious metals markets away from the west.
Image Credit: CreativeCommons/Ahleong