Links May 13: China tightens again

Comments

  1. Just read that the Chinese are going to launch their own version of the COMEX in Hong Kong May 18th. The Hong Kong Merchantile Exchange will start trading in 32 ounce gold contracts. They will no doubt expand this single offering to include silver in the near future.

    Maybe the Chinese have had enough of the manipulations conducted in New York and London?

  2. Down under hypocrites bet all on China Boom

    “Talk about a roll of the dice.” What do people expect – this is a nation of gamblers!

    Why do so many think that the resources sector is a technology-free zone, that sophisticated world-class technological applications are absent – that these are only to be found in the FIRE sector – those comfortably ensconced in city skyscrapers accompanied by Zegna and Blackberry? This is a fallacy.

    Even Pesak could not help but include the one aspect that most not involved in resources get stuck on – the unskilled 24 year olds are earning more than Bernanke. I sometimes speculate if the resources boom would raise concern (and criticism) in Sydney and Melbourne if these “unskilled” workers were paid at the McDonalds rate. Probably not.

    Very few have a genuine concern for the greater future for this country – most driven by short-term monetary interest. Politicians at the forefront of this.

    What individual workers earn on these projects is not the issue. It is the squandering of the nation’s wealth, lack of vision and yes, a danger in hitching all with China…but it might just pay off!

    No-one yet has given an alternative to this path (apart from the introduction of a SWF – and given our track record that is fraught with its own dangers). Ideas please.