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China Gold Imports From Hong Kong Surging 30% In September 2012

|Includes:SPDR Gold Trust ETF (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.

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