Chinese Gold Imports Surpass 1,000t for 2013

Big A.D. · Dec 2, 2013

Credit Crunch said:

The argument goes that the fancy piece of fiat paper is backed by the economic strength of the country that issues it. You might say thats "worthless" but obviously it isn't. Some might say gold is the only real money, but just like a fancy piece of paper, what practical use does a lump of this coloured metal have? It only has the relative value another person puts on it, same as fiat.
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Gold is valued by everyone.

The United States dollar is valued by everyone who doesn't want the full force of the United States military to come and f*** them up.

Most of the other currencies are valued simply as a diplomatic courtesy because it's easier than dealing with the result of pissing them off.

House · Dec 8, 2013

China's gold imports jump to 2nd highest on record in October

China's net gold imports from Hong Kong climbed to their second-highest on record in October, as the country bought more than 100 tonnes of gold for a sixth straight month to meet unprecedented demand.

The imports - the biggest since an all-time high in March - show that banks and retailers expect to see strong demand in the build up to Chinese New Year in late January, when gold is bought for gifts.

Demand in China, set to overtake India as the biggest gold consumer this year, has hit record highs as gold prices have fallen about a quarter in 2013 - their first decline in 13 years.

Rising Chinese demand has supported gold prices this year, helping offset outflows from gold-backed exchange-traded funds and a drop-off in demand in India, where a government struggling to bring down a worryingly high current account deficit imposed rules to discourage gold imports.

"October was also the beginning of the wedding season, which could have prompted more demand for jewellery," said Chen Min, a precious metals analyst at Jinrui Futures in Shenzhen.

"But I don't think these high figures are sustainable," Chen said, as buying interest cools off after months of aggressive purchases.

The volume of imports last month puts China strongly ahead of India as the largest consumer of bullion.

Chinese imports from Hong Kong have totalled about 986 tonnes for the first ten months of the year, more than double from a year-ago period. India's total imports for the same period stand at just over 600 tonnes, with demand cut by the new rules to discourage imports.
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Reuters

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Chinese Gold Imports Surpass 1,000t for 2013

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Chinese Gold Imports Surpass 1,000t for 2013

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