from ETF Daily News:
Gold Silver Worlds: The latest Bloomberg headline about gold in 2013 said “China Gold Imports From Hong Kong Fall 53 Percent as Price Drops.” At first glance, the headline seems to reveal some sort of collapse in Chinese gold demand. However, the article simply compares the November gold imports from Hong Kong to China with the figures from the month before. Sure the data are correct, but it is relative as the October import data were the third highest ever.
The article goes on to quote a senior analyst from Industrial Bank Co. in Shanghai: “As bets on higher prices diminish, Chinese investors’ appetite for bullion seemed to be waning. Anecdotal evidence from retailers here also presented the same picture that sales in the second half of this year weren’t as brisk as in the first half.” Well, talking about anecdotal evidence, Bloomberg’s article was published almost at the very moment of a true gold rush in Shanghai. This article provides an overview of the facts (with a clear reference to the sources).
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