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Katchum
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Albert Sung is the author of the Katchum Macro-Economic Blog, 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... More
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  • China Gold Imports From Hong Kong At Record Levels In April 2012 1 comment
    Jun 4, 2012 2:38 PM | about stocks: GLD

    As I already feared, China is scooping up all the gold in the world and is becoming the foremost gold buyer in the world. Trying to get more and more exposure to the reserve currency status.

    Today it was released that China imported approximately 104 tonnes, a staggering amount of gold!

    The chart looks something like this:

    China Gold Imports

    Chart 1: China Gold Imports

    Disclosure: I am long GLD, PHYS.

    Stocks: GLD
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    Well, if you had $3.2 trillion of reserves (virtually all in $ and EUR's), what would you do? To the Chinese gold looks really cheap. They must be thanking the FED and the other CB's that keep manipulating the price lower helping China buy more at cheap prices.
    5 Jun 2012, 03:50 PM Reply Like
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