After jumping 2.17% on Monday, the biggest percentage increase since mid-December last year, the U.S. Comex gold futures declined 0.92% to $1,337.90 on Tuesday as any immediate threat for Russia to invade Ukraine has dissipated while the U.S. prepares to give a loan guarantee of one billion dollars to Ukraine.
A number of readers and bloggers have recently suggested there must be collusion between America and China over the transfer of physical gold from Western capital markets. They assume that governments know what they are doing, so there is a bigger game afoot of which we are unaware.
There are four futures exchanges in China that list 31 commodity futures contracts and one financial futures contract. All major commodities, some of which have the highest markets share globally, are listed except for crude oil.