Friday, December 3, 2010

Chinese gold imports up five-fold

Here is a link to a FT article that talks about surging Chinese gold demand being reflected in a huge surge in Chinese gold imports. China has imported approximately 209 tonnes of gold in the first 10 months of this year.

“Investment is really driving demand for gold,” said Cai Minggang, at the Beijing Precious Metals Exchange. “People don’t have any better investment options. Look at the stock market, or the property market – you could make huge losses there.”
This is about the third or fourth article in recent wweeks that has highlighted Chinese gold demand. This is a big reason why we are not even close to the end of this gold bull market. During the last bull market back in the late 1970's the western countries were the only ones buying gold and silver. Now we have over three billion potential gold and silver buyers in India and China.

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