The Shanghai Gold Warrants chart is probaly the most underappreciated signal here. China building its own clearing infrastructure outside London fundamentally changes the pricing power dynamics. That 53% return in 2025 combined with the volatility adjusted return of 3.0 shows this isn't speculative froth but structural reallocation.
The Shanghai Gold Warrants chart is probaly the most underappreciated signal here. China building its own clearing infrastructure outside London fundamentally changes the pricing power dynamics. That 53% return in 2025 combined with the volatility adjusted return of 3.0 shows this isn't speculative froth but structural reallocation.