Setting a record” doesn’t begin to do the story justice.
The Hong Kong Census and Statistics Department is out with its monthly figures on China’s gold imports via Hong Kong. The Chinese government is notoriously secretive about its total imports, so the Hong Kong figures are the best we have to go on.
The March number is 223.5 metric tons — literally off the charts…
Buying at this pace is bound to move even the “paper price” of gold, to say nothing of real metal. Imagine what might happen when the People’s Bank of China gets around to announcing its official reserves again. Which could be any day now, seeing as it hasn’t done so in more than four years.
Regards,
Dave Gonigam
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