Whilst the bid for gold during the Asian session from suspected CB activity has been well noted,Goldman Sachs FICC trader Adam Gillard states that the extent to which Chinese CTAs on SHFE have impacted the CME price is under-appreciated.
Here are the numbers:
On 22nd April when XAU traded to $3,500/oz 3x Chinese brokers combined traded ~212k CMX equivalent lots (vs YTD average CMX volume of ~240k lots for context), without a significant position change.
