China importe more gold than the ECB's entire official 502.1 tons of holdings and India etc. etc.
First it was more than the UK. Then more than Portugal. Then a month ago, China had imported more gold than the ECB's entire official 502.1 tons of holdings." Sure enough, according to the latest release from the Hong Kong Census and Statistics Department, through the end of August, China had imported a whopping gross 512 tons of gold, 10 tons more than the latest official ECB gold holdings. We can now safely say that as of today, China will have imported more gold than the 11th largest official holder of gold, India, with 558 tons.. With the status quo cartel in desperate need of China stepping up its monetary easing, and jumping right into the race to debase, which is absolutely critical to halt the plunge in tech company revenues and earnings, any interim slowdown in chinese gold purchases is merely a springboard for even more purchase in the future once inflation does come back to China with a bang.. And gold consumption is likely to climb again in the fourth quarter, a traditionally peak season when Chinese people buy gold jewellery for weddings and presents.. All rhetoric aside, one unspinnable aftereffect of China's relentless appetite for gold comes from a different place, namely Australia, where gold just surpassed coal as the second most valuable export to China. Since Australia's gold sales to China hit $4.1 billion in the first eight months of this year as it surged by a whopping 900 percent.. According to Australian Bureau of Statistics, the yellow metal became the second most valuable physical export to China, surpassing coal and only behind iron ore.. The unprecedented jump in gold sales, along with continued acceleration of export revenues for other commodities led by coal, up 80 per cent to $4bn, caused total exports to China to rise by 10.7 per cent for the year to August, the Bureau said.. Perth Mint supplied most of the gold to China through a variety of banks.. Analysts said Chinese buyers are hoarding the precious metal amid a slowing economy, property-buying restrictions and uncertain financial markets as its central bank increases its holdings.. China's foreign currency reserves of gold are low and its move to build them up will provide an important base demand for gold, they added.. In other words, this show that Chinese imports through HK, and tens if not hundreds more tons of gold are entering the country from other under reported export channels such as Australia. One thing is certain: China no longer has any interest in buying additional US Treasurys... fiat ponzy paper schemes
ex. China Grabbing-Up World's Oil & Gold & Silver -
My opinions are my own and and DD I post should be confirmed as unbiased
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