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Katchum
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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 Disappoint In January 2013 0 comments
    Mar 10, 2013 11:40 AM | about stocks: GLD

    China gold imports plunged in January: 51 tonnes. This was not expected, considering the low gold price in January 2013 ($1660/ounce). The result was a 5% decline in the gold price in February ($1580/ounce).

    (click to enlarge)

    Chart 1: China Gold Imports from Hong Kong

    Net imports were 19.58 tonnes. That's 19.48/51.3 = 38%. That's a steep decline from the previous month, which was 74%.

    I don't expect February to be much better as we have the Lunar New Year and a shorter month.

    Disclosure: I am long AGQ.

    Stocks: GLD
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