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<p>[QUOTE=&quot;desertgem, post: 1693199, member: 15199&quot;]Both China and Russia have tried this, but China&#039;s attempt to form an exchange similar to comex, but based on a different basket instead of the USD failed because of mistrust in China&#039;s banking industry and currency manipulation. Russia had the gold to try and manipulate prices, but they found it more lucrative to convert it to Euros and USD to play the forex, stock and other markets. The other 2 of the BRIC, India and Brazil have similar or worse problems. Every country wants to bias exchange in their direction. So China strongly manipulates rare earths, Russia strongly manipulates Diamonds and other minerals, but it is legal within their country, thus trade sanctions are sometimes used to more evenly balance trade.</p><p><br /></p><p>As far as manipulation. I agree there is legal manipulation, as with all things of value from real estate to base commodities such as food and steel, rare earths, etc. Meaning that it is legal within the country context.&nbsp; As far as illegal manipulation , a small amount of that occurs, and because laws move slowly, it may be years before it is resolved. It is easy to say illegal manipulation occurs, but until proven in court of law, one can not say that it is so. Many financial instruments and actions may be thought as illegal because they are not understood well, IMO.[/QUOTE]</p><p><br /></p>

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