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Albert Sung is the author of Correlation Economics, monitoring breaking economic news on 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 Ashland, a... More
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Correlation Economics
  • China Gold Imports From Hong Kong Explode In November 2012 0 comments
    Jan 8, 2013 12:02 PM | about stocks: GLD

    We have very good numbers on gold buying from China out today. Gross gold imports doubled in a month time to 91 tonnes and the reason is of course lower gold prices in November 2012. The Western manipulators are shooting themselves in the foot by manipulating gold, because this way China can increase its holdings at a much faster pace.

    (click to enlarge)

    Chart 1: China Gold Imports from Hong Kong

    But let's look at the net imports too, because gross imports don't tell anything.

    Net imports were 62 tonnes in November 2012, up from 24 tonnes in October 2012. That's 62/91 = 68% of gold that China bought, excluding gold going from China back to Hong Kong. That's an increase from the previous month October 2012 where the percentage was only 50%.

    So that means, China is buying with both hands now. I wonder what will happen in December, as the price of gold got crushed in December 2012. Probably even more buying!

    Disclosure: I am long AGQ.

    Stocks: GLD
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