PMEX plans physical gold trading

[searcher]

KARACHI: The Pakistan Mercantile Exchange (PMEX) is planning to introduce the trading of physical gold on its platform in a nationwide bid to “document” and “regularise” the selling and buying of the precious metal at the retail level.

Speaking to Dawn in an interview, PMEX Managing Director Ejaz Ali Shah said the country’s only futures exchange is “talking very aggressively” with the government to set up an official gold market on its platform.

Full article:

PMEX plans physical gold trading

PMEX managing director says the exchange is “talking very aggressively” with the govt to set up an official gold market on its platform.

www.dawn.com

 

[nickndfl]

The <redacted - see forum guidelines on epithets> need to export more soccer balls and rugs, so that importing large amounts of gold will not crash their economy from a skewed trade balance. You know their border with India will see more smuggling because Indians are taxed on gold like Californians.

 

[Peter89]

Pakistan doesn't have gold mining output, so they will need to import the metal that the longs have to deliver within that gold futures exchange.
Basically they want to copy the Shanghai gold futures exchange - I hope - prohibiting naked shorting.
I wish we could see today, 6 months later, how much metal gets currently delivered in the PMEX.

 

[pmbug]

I sent PMEX an email asking them if they publish their gold vaulting data anywhere. We'll see if they respond.

 

[Peter89]

I sent PMEX an email asking them if they publish their gold vaulting data anywhere. We'll see if they respond.

Good news, the website is in English https://pmex.com.pk/
Bad news, basically there is no information. Probably one has to register.

Hi @pmbug , great initiative from you!
Please report the outcome - if any.

In case of a follow up, consider asking if they have data about gold and silver inventories backing the short contracts in place (like in Comex and SFE) and where we can see the quotes (i.e. at what Rupee price were traded gold or silver today).

Thanks again