the cash market in london i'm not talking about shanghai i'm not talking about vietnam where you can get between six and one hundred dollars premiums announced i'm talking about london the global market the global marketplace because so it is a true benchmark i.e. the fix comes up this morning whatever the price is is what i can sell or buy my book in for now why as an arbitrage or why as i have a bank or a hedge fund or somebody in the profit business wouldn't i take and it's up you know up to two dollars and fifteen cents a matter of days ago but an average of a dollar sixty why wouldn't i sell two million ounces today give you mine give my bull you know take up to a two million dollar profit and not wait ninety days wait the contracts about to expire i could wait less than thirty days and get my bullion back well as you said why not. because there's no confidence that these markets like the comix and a lot of blue marks association are going to survive another thirty days intact as we know them and what i what i'd be worried about is me getting my m i believe i believe we talking

road shanghai becoming the financial capital of the world. now that the first guy we saw was mr dodd who put the dog in dodd frank he got that a little bit wrong he got that wrong jack reed would say today that he he regrets those words and mr schumer unfortunately because of this they have made singapore and london the financial capital of the world because with investment banks no no national borders and we talk about competitiveness what is it competitive that goldman sachs for example with its thirty two thousand employees has five thousand in london they are not american foreign exchange students they are london citizens paying the london payroll taxes this competitiveness is a feel good word that actually means exporting american jobs what it could also mean regulatory arbitrage not only between different countries but even in the states that we have them yes regulatory arbitrage is the same thing as when a teenager wants the car keys and mom won't say yes so they go to dad so if you don't like the rule in the united states go to where you like the rule and pretend that yo

or frankfurt or years down the road shanghai becoming the financial capital of the world. now that the first guy we saw was mr dodd who put the dog in dodd frank he got that a little bit wrong he got that wrong jack reed would say today that he he regrets those words and mr schumer unfortunately because of this they have made singapore and london the financial capital of the world because with investment banks no no national borders and we talk about competitiveness what is it competitive that goldman sachs for example with its thirty two thousand employees has five thousand in london they are not american foreign exchange students they are london citizens paying the london payroll taxes this competitiveness is a feel good word that actually means exporting american jobs but it could also mean regulatory arbitrage not only between different countries but even in the states that we have them right yes regulatory arbitrage is the same thing as when a teenager wants the car keys and mom won't say yes so they go to dad so if you don't like the rule in the united states go to where you