Andrew Maguire: Update on Looming Shift of Gold Pricing to China

``As I highlighted some months ago when the Shanghai Gold Exchange fix was officially tabled, there may be an initial reluctance for LBMA banks to comply with these strict regulations, which is why the meddling and proposed delay are being touted. But this delaying tactic is another smokescreen while these banks scramble to realign themselves against a changing marketplace. There is little choice for the LBMA banks but to comply and be a part of this new fix. Unlike the London fix, the Shanghai Gold Exchange fix will be fully transparent. The People's Bank of China will be the counterparty to the Shanghai Gold Exchange fix and will be a much more vigilant regulator than the insider-infested round-trippers at the U.S. Commodity Futures Trading Commission have been.  ''