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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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Katchum's Macro-economic blog
  • December 2012 China Gold Imports From Hong Kong Hit Record High 1 comment
    Feb 5, 2013 5:36 PM | about stocks: GLD

    As predicted here, China bought gold like there was no tomorrow in December 2012 as gold prices fell to a record low. They bought 114.4 tonnes. I believe January will be a good month too.

    (click to enlarge)
    Chart 1: China Gold Imports from Hong Kong

    Net imports were 84.7 tonnes. That's 84.7/114.4 = 74%. That's a record high, even higher than the 68% in November 2012. This means China isn't even trying to export its gold to Hong Kong anymore. It's scooping up all the gold they produce!

    I say: "Follow the money!"

    Disclosure: I am long AGQ.

    Stocks: GLD
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  • The_Hammer
    , contributor
    Comments (5151) | Send Message
    The masses will care when it is to late
    5 Feb 2013, 09:10 PM Reply Like
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