Australia's first bullion exchange set to open

derryb

MELBOURNE (Market Watch) -- Australia's first physical bullion exchange offering an over-the-counter spot market for gold, silver and platinum is set to launch early next month.

The Australian Bullion Exchange will make direct bullion ownership available to retail and institutional investors from Oct. 4, the new exchange said Wednesday in a statement. Bullion will be bought and sold on the ABX through listed brokers.

Australia is the world's second-largest producer of gold after China.

CaptHenway

Nobody sold PM's retail in Australia before????

MsMorrisine

I was thinking the same thing.

and spot won't follow their lead, so that idea is out of the question.

derryb

will deal in large quantities. Increases demand.

Spooly

Australian Bullion Exchange

OzzyAndy

Sounds interesting but yes, I'd wonder how it differs from the Perth Mint or ebay.

BigE

I get the feeling this is a large exchange, like Globex or the CME. You need a broker to play-------------------BigE

derryb

With this and the new Asian exchange, CRIMEX (I mean COMEX) is finally getting some real competition.

BigE

<< <i>With this and the new Asian exchange, CRIMEX (I mean COMEX) is finally getting some real competition. >>



Agreed. The Australian exchange is placing a lot of emphasis on allocated and segregated bullion and storage for individual investors-hinting that others might not have anything to store at all-----BigE

MsMorrisine

<< <i>

<< <i>With this and the new Asian exchange, CRIMEX (I mean COMEX) is finally getting some real competition. >>



Agreed. The Australian exchange is placing a lot of emphasis on allocated and segregated bullion and storage for individual investors-hinting that others might not have anything to store at all-----BigE >>




now that makes it more interesting.


however, many still suspect anyone no matter who that claims to be "holding it for them."