Tags: Chinese | Gold | Imports

FT: China's Gold Imports From Hong Kong Jump Sixfold

Tuesday, 08 Nov 2011 12:13 PM

Chinese gold imports from Hong Kong, widely viewed as a proxy for total imports, are surging thanks to a dip in prices, the Financial Times reports.

Hong Kong government figures show China imported a record 56.9 metric tons in September, a sixfold increase from the same month in 2010, the newspaper reports on its website.

Monthly gold imports for most of 2010 and this year have run at about 10 metric tons, but buying catapulted in July, August and September, the Financial Times reports.
__________________________________________________________

Unthinkable ‘Death Cross’ Signal Haunts Investors
MarketWatch reports that “all three major U.S. indexes now are in Death Cross mode,” signaling a possible crash. Watch the Aftershock Video, Be prepared!

__________________________________________________________

During that three-month period, China imported from Hong Kong about 140 metric tons, more than the roughly 120 metric tons for all of 2010.

gold200APuseme.jpg
(Associated Press photo)
Gold, which has been soaring on a weaker dollar in recent years, hit a record high of $1,920.30 a troy ounce in September but fell to $1,534 an ounce that same month, which brought in Chinese bottom fishers.

"In September we saw some bargain hunters come back into the market on the price dip," says Janet Kong, managing director of research at Chinese investment bank CICC, the FT reports.

Gold has traditionally served as a hedge to the dollar, rising when the dollar weakens and vice versa.

Jitters in other paper currency markets send gold rising as well, including the euro, which has taken a beating on fears that Greece may default.

Now the world is worried about Italy, a much larger economy, and default scares there will bring in goldbugs.

"Gold will continue to trend higher due to the eurozone situation," says
Hou Xinqiang, an analyst at Jinrui Futures, Reuters reports.

© 2017 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Markets
Chinese gold imports from Hong Kong, widely viewed as a proxy for total imports, are surging thanks to a dip in prices, the Financial Times reports. Hong Kong government figures show China imported a record 56.9 metric tons in September, a sixfold increase from the same...
Chinese,Gold,Imports
1829
2011-13-08
Tuesday, 08 Nov 2011 12:13 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved