When I eventually got around to reading about the Shanghai gold exchange, I was a rather disappointed to learn that it was for spot price, rather than futures. So Shanghai will be competing with London, rather than New York.
There was an article written about researchers attempting to determine whether spot prices drive futures or vice versa. The argument was that, intuitively, spot drives futures, but research bore out that it appeared to be the other way round. But the correlation seem to be muddied by spurious noise.
I'll try to provide that link for posters. R.
BDR Price at posting:
28.5¢ Sentiment: Hold Disclosure: Held
