After sliding to just above $3100 late last week, gold had staged another powerful comeback, and on Tuesday evening was trading at $3300, back to where it closed the month of April.
There's a reason for that: as Goldman's Adam Gillard writes, China is back on the bid. Specifically, onshore buying on Shanghai during the Chinese night session has triggered the comex bid as aggregate open interest increased by 3% (and 4% on silver), as the SHFE / CMX ratio arb rallied.
