do you know who is the boss of the gold exchange? Most of all interbank precious metal transactions of the central bank are completed in the gold exchange, and most of the volume is also completed by banks. The central bank has indicators, and t+d is spot, which means that the price will not be too unreasonable, unlike too much futures speculation. The lower this thing is for customers, the better. But how can you let middlemen and brokers live? The gold exchange has a high handling fee, so there can be oil and water at every level. Banks and some middlemen push customers to refund 1% of precious metals t+d instead of futures banks. There are many more customers than your futures companies. Futures companies hope that banks will introduce customers all day long. Banks will not let customers go wrong with high-risk things. t+d risks must not be big in futures. Try it yourself. What do you think about the customers you ask? Of course, the risk is the first consideration. Besides, the handling fee is expensive, and there is a mini contract for gold trading now.