Last Tuesday, the price of Comex silver fell $1.17 and the Shanghai price followed it down on Wednesday. Last Friday, the price of Comex silver fell by $1.93 and, in the first trading since last Thursday, China followed it down today. For now at least, I think we've settled the whole "price taker vs price maker" argument.
This doesn't mean that a physical market in China or elsewhere won't one day supplant NY/London. It also doesn't mean that NY/London can't eventually collapse due to delivery demands. But this most recent price action/reaction certainly suggests that China is,...
