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Gold's center of gravity is moving from West to East
By Jan Krikke
Asia Times, Richmond, British Columbia, Canada
Thursday, February 5, 2026
For decades London reigned supreme in the global gold market. Its vast over-the-counter system, built on unallocated accounts, netted trades, and trust in paper claims set benchmarks and kept most bullion circulating as a financial instrument rather than plain physical metal.
Today the London Bullion Market Association's gold price remains the global reference. But London is no longer the primary venue for most physical bullion transactions, as the physical settlement balance shifts from West to East.
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The Shanghai Gold Exchange, working in close tandem with Hong Kong, is the heart of this transformation. Gold that once flowed freely through Western vaults and ledgers is now increasingly delivered, stored, and held in Asia.
In recent years Shanghai has emerged as one of the dominant hubs for the physical delivery and storage of gold. Persistent structural demand illustrates a clear preference for allocated, tangible ownership over leveraged paper exposure. ...
... For the remainder of the report:
https://asiatimes.com/2026/02/golds-center-of-gravity-moving-from-west-to-east/
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