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Message: China’s HK Gold Imports Reach October Record High
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China’s HK Gold Imports Reach October Record High
December 13, 2011 4:01 AM GMT
Imports of gold from Hong Kong by the world's second-largest economy reached an all-time high of 85.7 tonnes in October, a 50 per cent hike from a month ago and up by more than 40 times from a year ago, data from the Hong Kong government showed.
It was the fourth consecutive month that China's gold flows from Hong Kong reached new highs, accounting for more than one-quarter of overall global demand.
Tom Kendall, precious metals analyst at Credit Suisse in London, said in the Financial Times he sees overall Chinese imports of the yellow metal hitting 470-490 tonnes for the full year, up from last year's 245 tonnes.
China had been encouraging its citizens to buy and hold physical gold, either in jewelry, coins or in bullion bars, in a bid to build financial reserves in assets stronger than the U.S. dollar, euro and other weakening currencies. Years ago, the Chinese were prohibited to buy physical gold or else were imprisoned, until 2002, when government lifted the ban. Related Articles
It was the fourth consecutive month that China's gold flows from Hong Kong reached new highs, accounting for more than one-quarter of overall global demand.
As of April 2009, official data from the People's Bank of China revealed some 33.89 million fine troy ounces were added to China's gold reserves.
Chinese consumer demand for gold bars and coins rose 24 per cent from last year to 60.2 tonnes in the third quarter of 2011, while demand for gold jewelry hiked 13 per cent.
In November, the World Gold Council reported that strong demand in investment and jewelry will drive China's total gold demand to hit 750 tonnes this year.
Chinese consumer demand for gold bars and coins rose 24 per cent from last year to 60.2 tonnes in the third quarter of 2011, while demand for gold jewelry hiked 13 per cent.
Global appetite will push further the yellow metal's unprecedented decade-plus bull run. The price of gold bullion is going towards its 11th year of consecutive annual gains aid by fears of a fiscal recession of pandemic proportions, ultimately displacing the boom-and-bust cycle norm. Prices are expected to hit $2,000 per ounce by mid-2012.
http://uk.ibtimes.com/articles/266017/20111213/china-s-hk-gold-imports-reach-october.htm
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