The Phaserl


China Imports More Gold via HK in 2013 than 2011 & 2012 Combined


The Agricultural Bank of China’s Liu Zhongbo comments on the attempt of the German Bundesbank to repatriate its gold (Bundesbank Gold Repatriation Misreported) from the Federal Reserve Bank of New York, and the implications:

“Because gold has capabilities to absorb external economic shocks, growth of its use in the international monetary system will be imminent.”

This is from a man with over 3x more customers than the US has citizens employed full time.

The bank has US$2.296 trillion in assets as of March 31, 2013, about 325 million retail and corporate customers and about 30,000 domestic branches as well as branches in Hong Kong and Singapore, and representative offices in Tokyo, New York and London.

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