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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 Doubles Gold Imports From Hong Kong In February 2013 0 comments
    Apr 9, 2013 12:50 PM | about stocks: GLD

    It was about time that China made use of the unbelievable low price of gold.

    China imported 97 tonnes of gold from Hong Kong.

    Net imports were 61 tonnes.

    This makes the ratio go from 38% in January 2013 to 61/97 = 63% in February, almost as high as in December 2012 when it was 74%.

    This is a huge increase. So people are buying on this news. Gold almost went back up to $1600/ounce today.

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