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Gold Warrants on the Shanghai futures exchange have nearly doubled since this chart posted a month ago. Up 25x since the beginning if the year. If anyone asks the question "who is buying gold?" Show them the updated chart and say "China." --- What is a Gold Warrant A gold warrant on the Shanghai Futures Exchange (SHFE) is an electronic certificate representing ownership of a specific quantity of physical gold stored in an SHFE-approved delivery warehouse. These are called "standard warrants," and they are used as the basis for physical delivery against gold futures contracts. Each standard gold warrant typically represents 3,000 grams of gold that meets exchange standards for purity and origin. Why are they surging? Shanghai gold warrants are surging due to a combination of record-breaking safe-haven demand, robust central bank gold purchases (notably by the People’s Bank of China), and intense price volatility driving investor and arbitrage activity. @AndreasSteno
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