CHINA GOLD MARKET FLASHING BUBBLE WARNINGS Capital Economics says China’s gold surge increasingly looks speculative, not defensive. Rising leverage and heavy futures trading point to bubble-like conditions, raising the risk of sharp volatility. Jewelry demand is falling, but bar, coin, and ETF buying is surging, with positions elevated on the Shanghai Futures Exchange. U.S. Treasury Secretary Scott Bessent recently called Chinese gold trading “unruly.” The firm warns a gold bubble may be forming — and turbulence could follow.(*Walter Bloomberg)