$40 silver also coming, says Chinese Gold & Silver Exchange Society head
Hong Kong's Chinese Gold & Silver Exchange Society is in initial talks with Chinese officials to set up a bonded warehouse on the mainland in a bid to boost business with exchanges and traders there, its president said Tuesday.The CGSE is a leading physical gold marketplace in Asia. President Haywood Cheung said the CGSE was seeking to set up a warehouse for gold and silver in Qianhai, a new financial zone in the southern city of Shenzhen.
"We are definitely interested in setting up warehouses in the mainland," Cheung told Reuters.
"Officials for Qianhai have said that initially this can be considered and is a good idea," he added. ...
Asked about his outlook for precious metals, Cheung said he expects spot gold prices to rise to $2,000 an ounce in the first quarter of next year, an increase from current prices of about $1,700-$1,800 an ounce.
Cheung also expects silver prices to rise to around $40 an ounce in the first quarter of next year, from about $32 an ounce currently.
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Source: http://www.blanchardonline.com/investing-news-blog/econ.php?article=5161
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