``... what the refineries are doing is they are taking 99 percent 400 ounce bars, and they are refining them to 99.99 percent kilo bars because that's the only thing China wants. You are taking 400 ounce bars, which weigh about 25 pounds or 10 kilos, and turning them into one kilo. Chinese like one kilo because there is a lot of consumer demand for that, and it's a lot better for smuggling... taking all these trends together, it's very clear that the center of gold trading is moving from London to Shanghai.''

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