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Silver Investing: China Launches New Benchmark
Just yesterday China launched Shanghai Silver Benchmark Price Trading. Now that’s a mouthful. The new benchmark price will have the symbol SHAG on the Shanghai exchange and will trade for two short time periods daily, one in the morning and one in the afternoon. The trading unit will be 15kg per share of SHAG, but will doubtless be translated into the price per troy ounce for comparison to other world silver prices.
What it means is that the Chinese silver market will have more input into the world price of silver. And, the world will get a better view of silver demand in Asia.