The Phaserl


China sees biggest rush to buy Gold in 50 years

by Ben Traynor, Bullion Street:

The world’s largest gold exchange traded fund SPDR Gold Trust (ticker: GLD) continued to see net outflows Monday, with his holdings ending the day down more than 18 tonnes at 1104.7 tonnes. Since the start of 2013, the volume of gold held to back GLD shares has dropped nearly 20%.

In China by contrast, “physical gold dealers and jewelry makers have had to replenish their inventory following robust sales,” according to Song Heping, assistant manager at Xiamen City Commercial Bank.

On the Shanghai Gold Exchange, the equivalent of 40.6 tonnes was traded in the benchmark ‘four nines’ spot contract (for gold of 99.99% purity) Tuesday, down a little from yesterday’s record of 43.6 tonnes. By comparison, the previous record, set on February 18 this year immediately after the week-long Lunar New Year holiday, was 22 tonnes.

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