Will the Shanghai Gold Exchange impact the COMEX?

``The world's commodities flow through Asia, but prices are set elsewhere. In other places the talk may be of consolidation but in Hong Kong the number of exchanges is rising. On May 18th the brand-new Hong Kong Mercantile Exchange will begin trading a dollar-denominated futures contract tied to the physical delivery of gold. It hopes to follow with contracts for petroleum, grains and every other commodity that can be imagined.''