Starting today, China will stop offering retail paper gold and leveraged gold trading. Physical gold is untouched — but millions of retail traders now have to close their positions, sell up, or take delivery. Beijing calls it investor protection, after gold's wild swings this year caught a lot of leveraged traders off guard. We speak to Christopher Wong, Precious Metals Strategist at OCBC Bank, to unpack what the clampdown actually changes — and what it signals about where gold goes from here.

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