Shanghai is not a precious metals exchange, it is a Shanghai Gold Exchange. This is the first.

Second, Tianjin’s influence is not as bad as that of Shanghai Gold. The reason is that Shanghai Gold already existed before the exchange was established in Tianjin.

Third, Shanghai gold is China’s gold price, which is synchronized with the international spot gold price but not at the same price. Just like Hong Kong’s local gold, it is an independent and extended market.

Fourth, the price of the silver contract on the Shanghai Futures Exchange is the future price, while the price of the silver contract on the Shanghai Futures Exchange is the spot price. Generally speaking, futures have the function of discovering prices, and TD itself comes from futures, which are only indefinite delivery. , so from a large perspective, they are basically the same. From a detailed perspective, it is certain that futures prices affect spot prices.