The Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM) has urged the government to withdraw the 6 percent Goods and Service Tax (GST) levied on locally fabricated gold bars. Currently, only gold bars certified by the London Bullion Market Association (LBMA) are exempt from tax.
In what future generations will likely see as a major, potentially catastrophic blunder of monetary policy, the West and particularly the City of London continues to hemorrhage huge volumes of gold which is flowing Eastwards to Singapore, India and China from London via Switzerland.
The China Gold Congress is currently in full flight in Beijing. The three day Congress is China’s biggest gold industry event of the year, drawing in participants from across the Chinese and international gold sectors including central banks, mining companies, bullion banks and refiners.
The silver-pricing method begun during the reign of Queen Victoria ends today in London as the $5 trillion market shifts to a more transparent process and regulators expand scrutiny of how commodity benchmarks are set.