“Taking Australian gold to the world’s largest physical bullion market is a critical strategic initiative for ABC Refinery and the
Pallion group," said ABC Refinery Managing Director, Phillip Cochineas.
"The Chinese market has long understood the intrinsic value of gold, and we are delighted to meet that demand with Australian bullion of the
highest quality.”
The accreditation process is an arduous one. Accreditation involves meeting what many consider globally to be the most technically stringent
levels of assay excellence. Not only does SGE accredited gold bullion
have to be a minimum of 99.99% metallic gold purity, but it has to fit
within some of the toughest tolerances for impurities measured in parts
per million.
ABC Refinery is the sole manufacturer of ABC Bullion Products. ABC Bullion Managing Director Janie Simpson said apart from a verification
of technical excellence, ABC Refinery’s SGE accreditation bucks the
increasing international trend of protectionism by encouraging open
border based metals trading.
"Australia is the second largest producer of gold globally and the metal represents one of Australia’s largest exports.
"The accreditation of ABC Refinery as one of only seven international companies permitted to trade on the official Chinese gold
market confirms the primacy of Australia and the ABC Bullion brand in
the world’s largest physical gold market,” Ms Simpson said.
In 2017, SGE traded almost six thousand tons of 99.99% gold contracts to meet Chinese demand totalling approximately 23 per cent of
global demand in 2017.
The Shanghai Gold Exchange is a membership-based, self-regulated entity established by the People’s Bank of China in 2002. SGE provides
trading, clearing, delivery and vaulting services of gold, silver and
platinum including physical trading, deferred trading, forward, swap,
options and leasing. It also sets the yuan-denominated gold benchmark
price daily.
