China Sets Gold and Silver Price

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Market Rundown | China Sets Gold and Silver Price

After dipping to just above $3,100 late last week, gold has mounted a sharp rebound. As of Tuesday evening, it was trading back at $3,300—reclaiming the same level where it ended April. There’s a reason for the recovery as cataloged here days prior.

China is now back on the bid. Specifically, renewed onshore buying during the Chinese night session in Shanghai had reignited US demand. Open interest has jumped—up 3% for gold and 4% for silver—driven by the exchange differential spread narrowing towards the Shanghai price.

In a note  Monday morning we stated the following:

Three important things stand out in our reading of this analysis

1. They point out Comex lack of volumes implying China’s controls global price even more- Comex Deathwatch
2. China’s ETF buying has been massive, but their pukes/liquidations have been less so cyclically speaking.- Why?
3. China’s SFE/COMEX premium spread this time has remained sticky despite a historical tendency to disappear post gold allocations

Quote: Unless this changes, the (price) trend will continue (higher)

This morning we got confirmation of this analysis.

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— VBL’s Ghost (@Sorenthek) May 21, 2025