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Albert Sung is the author of the Katchum Macro-Economic Blog, monitoring breaking economic news from a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at... More
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  • China Gold Imports From Hong Kong Surging 30% In September 2012 5 comments
    Nov 6, 2012 2:00 PM | about stocks: GLD

    Finally we have some good news for gold, which also triggered a massive rise in the gold price today.

    China imported 69.71 metric tonnes of gold in the month of September 2012, which is a 30% rise.

    (click to enlarge)

    Chart 1: China Gold Imports from Hong Kong

    Net exports from Hong Kong to China were 13% lower on the year, which means they are at 42 metric tonnes as net exports a year ago were 50 metric tonnes.

    If we compare this 42 metric tonnes net exports to the 69.71 metric tonnes of gross exports from Hong Kong to China, we have a ratio of 60%, which is actually a pretty good number. It means China is really taking almost all the gold and not exporting its gold back to Hong Kong.

    Stocks: GLD
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Comments (5)
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  • dieuwer
    , contributor
    Comments (2942) | Send Message
    There are no gold mines to speak of in Hong Kong. So where is the gold in Hong Kong coming from?
    6 Nov 2012, 01:54 PM Reply Like
  • Katchum
    , contributor
    Comments (613) | Send Message
    Author’s reply » I found out it's mostly the Philippines:
    6 Nov 2012, 04:34 PM Reply Like
  • dieuwer
    , contributor
    Comments (2942) | Send Message
    It always surprises me people take data at face value. Nobody is actually asking the question: is it at all possible that China is buying these huge quantities of gold?


    Where is the proof? Anyone seeing lines of trucks loaded with gold headed to the port of Hong Kong? How about shipping? Anyone seen ships loaded with gold headed to China?
    6 Nov 2012, 04:30 PM Reply Like
  • Katchum
    , contributor
    Comments (613) | Send Message
    Author’s reply » All is registered by the HK census bureau and there are a lot of cargo ships in Hong Kong. Enough proof for me.
    6 Nov 2012, 04:36 PM Reply Like
  • Debutant
    , contributor
    Comments (2928) | Send Message
    The fact that last week I bought 10 kilograms (321 oz) of silver and carried it single handedly to the storage point tells me that it does not take a fleet of trucks or ships to transport 70 tons of precious metals during a month.
    23 Nov 2012, 11:09 AM Reply Like
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