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.
|Chart 1: China Gold Imports from Hong Kong|