Hong KONG METALS EXCHANGE.............DEFAULTS & SHUTS!!!!!

[Mega]

http://silverdoctors.com/hkmex-to-ce...ay/#more-26786

I can just see Rothchilds face when he told China they settle in fiat from now on.........China gave him 5 mins to pack & be on the plane!
Mike

[lektrode]

Re: Hong KONG METALS EXCHANGE.............DEFAULTS & SHUTS!!!!!

http://silverdoctors.com/hkmex-to-ce...ay/#more-26786

HKMEx chairman Barry Cheung Chun-yuen told the Sunday Morning Postthat the decision to surrender the trading licence and not reopen for business tomorrow would have no impact on investors and that client contracts would be honoured.
“There is no question of not getting your money back or anything like that. People absolutely do not have to worry about that and I don’t think they are.
“The only thing they will want to know is what settlement price will be used,” Cheung said.
HKMEx was working with LCH.Clearnet – the world’s largest clearing house for financial transaction settlements – to arrange settlement pricing on the exchange’s roughly 200 outstanding contracts, Cheung said.
The tiny number of outstanding contracts reflects the difficulty HKMEx has had in attracting trades to the platform that officially opened almost two years ago to the day on May 18, 2011.

considering the hype this generated back then - as the au price was on the way to popping up to 1900 (with ag plumetting shortly after) it would appear too much ado about nuthin???



then theres this:
Chinese Credit Surge Raises Property Fears

Surging credit has kept China's real estate-sector humming in the teeth of a renewed attempt by the government to bring prices under control, risking a destabilizing correction in prices down the line...

guess we'll just hafta wait n see - any chance of this event marking a true bottom?
as of fryday17may: 1360au / 22.26ag / 95.99wti

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[Mega]

Re: Hong KONG METALS EXCHANGE.............DEFAULTS & SHUTS!!!!!

http://www.gata.org/node/12593
Hmmmmm
Mike