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China’s Gold Imports From Hong Kong Surge to Highest Ever‎ – PBOC Buying?

Posted By yihan On January 11, 2012 @ 8:46 am In Money Watch | Comments Disabled

GoldCore [1]
Wednesday, January 11, 2012

Demand for gold bullion in China continues to surge.

Mainland China’s imports from Hong Kong surged to 102,779kg/oz from 86,299kg/oz in October. This is a 20% increase from the already high number seen in October and a 483% y/y increase.

Chinas Gold Imports From Hong Kong Surge to Highest Ever‎   PBOC Buying? goldcore bloomberg chart2 11 01 12 [2]

The run into Chinese Lunar New Year has again seen higher than expected Chinese demand for gold and China’s voracious appetite for gold is surprising even analysts who are positive about gold.

As Chinese people’s disposable incomes gain and concerns grow over inflation and equity and property markets, Chinese consumers and investors are turning to gold as a long term investment hedge.

There is informed speculation that commercial Chinese banks may have taken advantage of the recent price dip to build stocks of coins and bars and accumulate bullion.

China’s demand for physical gold bullion has rocketed past India with the country now overtaking India in the third quarter as the largest gold jewellery market according to the World Gold Council.

 

Full story here. [1]


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URLs in this post:

[1] GoldCore: http://www.goldcore.com/goldcore_blog/chinas-gold-imports-hong-kong-surge-highest-ever%E2%80%8E

[2] Image: http://dzswc0o8s13dx.cloudfront.net/goldcore_bloomberg_chart2_11-01-12.png

[3] China Gold Imports to Surge: Report: http://www.prisonplanet.com/china-gold-imports-to-surge-report.html

[4] Chinese Gold Imports Through August Surpass Total ECB Holdings, Imports From Australia Surge 900%: http://www.prisonplanet.com/chinese-gold-imports-through-august-surpass-total-ecb-holdings-imports-from-australia-surge-900.html

[5] Chinese Gold Imports Surge By 500% Through October: http://www.prisonplanet.com/chinese-gold-imports-surge-by-500-through-october.html

[6] Indian Gold And Silver Imports Surge By Stunning 500% In May: http://www.prisonplanet.com/indian-gold-and-silver-imports-surge-by-stunning-500-in-may.html

[7] Hong Kong Mercantile Exchange’s 1 Kilo Gold Contract To End Comex Gold Futures Trading (And “Bang The Close”) Monopoly: http://www.prisonplanet.com/hong-kong-mercantile-exchanges-1-kilo-gold-contract-to-end-comex-gold-futures-trading-and-bang-the-close-monopoly.html

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