News headlines haven't been advertising this, but something significant happened with China on 7/22. Chinese banks announced they'd discontinue offering retail paper trading products linked to the Shanghai Gold Exchange. Existing customers would be forced to either liquidate or take physical delivery by close of business yesterday.
China has always been one of the world's largest buyers of physical gold. With the level of reserves they have and their focus on the physical market, this may just help them establish dominance in the gold market. (Source)
We'll essentially have two parallel markets: one in the West that primarily trades paper, while the East trades physical. I think what we'll see is a shift. As people in the West realize they don't have to deal with the paper shenanigans and can get delivery from China, they'll exit the COMEX and LBMA. When the West sees this and that delivery isn't an issue, expect the price China dictates to take precedent over the fake paper price when there's a clear distinction between imaginary and physical gold.
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