Chinese Gold Vacuum Continues

Posted | 06/05/2014 / Views | 1928
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Sprott released some interesting research recently showing the continuing tsunami of gold transfer from west to east.  The table below shows that for the first 2 months of 2014 China imported 12 tonne more than the average monthly global production of 192 t (2013 data).  Where from?  Well Swiss import/export data shows the US and UK are the biggest suppliers and China and Hong Kong the biggest buyers.  In this same 2 month period the UK (who produce no gold) supplied a whopping 233 t to Switzerland and we’ve reported earlier the record amount of US exports in January.  As ETF’s (who largely store in London) have seen net inflows this year it leaves the assumption that this gold is coming from western central banks.


Chinese Gold Vacuum Continues