Imports of 85.7 tonnes of gold from Hongkong in the month of October equals 2.85 mln ounces. Over an entire year that would be 1028 tonnes or 34.2 mln ounces.

Considering that total annual world mine production of gold (according to the World Council) is around 2800 tonnes and deducting the 300 tonnes that China itself produces, that would mean that the Chinese are importing more than 40% of total available annual gold production through Hongkong. Only 1500 tonnes of annual gold production or 46 mln ounces is available for the rest of the world.

How can this not lead to an exploding gold price?