EDITOR'S NOTE: Among mainstream western investors, gold and silver are virtual items; “paper” assets in the form of exchange-traded funds, futures, and options contracts representing holdings or ownership of assets that are never seen, never touched, as none are ever delivered. It gives us some symbolic insight into the state of the American financial mindset, where the demand for speed and efficiency in monetary matters are sometimes favored at the expense of effort, authenticity, safety, and quality. China is taking a different approach to the matter. The Shanghai Gold Exchange’s waiver of silver fees is a matter that concerns physical delivery. Viewed with a suspicious yet opportunistic eye, China and its allies are undertaking a huge macroeconomic move that’s likely to catapult silver prices to the moon. China’s ultimate aim, of course, is to oust the dollar from its position of hegemony. But in its efforts to do so, whether it fails or not, gold and silver are likely to benefit from this new phase of a currency war.
Members and Customers: In order to promote the healthy development of the silver market, increase the amount of physical delivery, and effectively meet the physical needs of members and customers, the Exchange decided to continue to waive the silver contract delivery fee, silver contract insurance fee and silver leasing registration fee for members and customers.
In order to encourage members and customers to participate in the over-the-counter physical clearing and transfer and inventory swap business of the vault, the Exchange has decided to continue to waive the over-the-counter physical clearing and transfer fee and inventory swap transfer fee for members and customers in the vault.
The specific waiver period for the above fees is: after the end-of-day liquidation on the last trading day of 2022 to before the end-of-day liquidation on the last trading day of 2023.
This is hereby announced.
Originally published at Shanghai Gold Exchange. Received via Twitter.