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<p>[QUOTE=&quot;desertgem, post: 1232512, member: 15199&quot;]I believe that act was specifically for OTC &quot;Over the counter&quot; trading of PM , rather than commodity trading, like on the CME. There evidently were some companies/websites acting like the CME, offering paper futures, with little SEC oversight. IMO. </p><p><br /></p><p>From what I read ,the Chinese exchange requires full upfront buy of the PM for delivery. The amount required seems way beyond the average level of a general citizen, but OK for many in HK or Shanghi, and it will be delivered there. The CME or London exch. didn&#039;t have that location. So yes, for delivery purposes, it will serve the Chinese that can take delivery well, but very few contracts are for physical delivery on the CME, as to get it , you have to pay full price for it, NO MARGINS , after the deadline for decision as to whether physical or not. The only advantage is delivery in the US. Chinese who wish to play the paper PM game, will still use the CME and other marginable exchanges. I can&#039;t imagine anyone in the US paying full price, and then the high delivery, bonding , and secure deliver from Asia. So I think it will have little overall effect in the bullion game, but like many things the Chinese propose, sound good......for a while, IMO.</p><p><br /></p><p><br /></p><p>Jim.[/QUOTE]</p><p><br /></p>

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