Silver Rises Over 120% YTD 
Gold inflows into Shanghai Futures Exchange warehouses have hit a record high, driven by traders exploiting the gap between high-priced futures and cheaper spot gold. With futures trading at a premium amid strong speculative demand, banks and traders are delivering physical gold to the exchange to profit from arbitrage.
World Gold Council strategist John Reade said the trend reflects “how strong gold trading demand is in China right now.” Despite a sharp drop in jewelry sales last quarter, demand for bars, coins, and futures remains solid. Over 36 tons of gold have been registered for delivery—nearly double last month’s total—underscoring China’s continued appetite for gold as economic uncertainty lingers.
