Bifurcated Precious Metals Markets
Definition
Global precious metals markets are splitting into two separate systems: (1) Western paper/derivative markets priced in dollars, operated by banks as credit dealers, with declining volume and bid-ask spreads; (2) Eastern physical markets priced in yuan/gold with actual metal settlement, operated as commodity exchanges with real delivery. The two price differently, create arbitrage opportunities, and will eventually converge as the paper system dies and Eastern pricing becomes the reference.
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