Much has been made--with reason--about the potential for closer relations between China and Russia in the wake of NATO sanctions against Vladimir Putin.

Yet recent trends in the price of the yuan, the dollar, and the ruble versus a troy ounce of gold show closer relations between the US and China, not Russia and China.

While China could stand to benefit greatly from closer Russian ties, it is far from certain that China has decided to back the Russian horse in this race.