“The moment many gold bulls have been waiting for…” Financial blog Zero Hedge made this statement after learning that the Chinese Central Bank has released a directive informing everyone it is commencing the development of a healthy gold market.

In the release, the People’s Bank of China (PBoC) stressed the need to develop the market to serve the overall situation of China’s gold industry, based on improving the competitiveness of China’s financial markets, effectively strengthening
innovation, and promoting the formation of a multi-level market system. Reportedly, the PBoC has asked the Shanghai Gold Exchange, Shanghai Futures Exchange and commercial banks to become actively engaged in developing a national gold market. Zero Hedge highlighted, “With China owning a mere 1,064 tonnes of gold (sixth in the world and well behind both France and the GLD ETF in terms of holdings), which represent just 1.6% of its reserve holdings, there is only one way to interpret this borderline revolutionary press release. China has now officially entered the gold market.” The PBoC said it will support overseas investment plans by large-scale bullion companies by backing them financially. Bloomberg highlighted thatChina is calling on its banks to extend credit lines to gold producers and offer loans for overseas acquisitions. This is the first time the Chinese government has singled out bullion producers for financial support in overseas purchases. Chinese bullion producers have completed fewer than five overseas acquisitions of rivals in the past 10 years, according to data compiled by Bloomberg.”

This is the future for “Tokyo Rose”, Always Wrong Kaplan, Master Flip-flopper Gartman and all the gold bears: