No Bear Market For Gold In China Nov 27 2013, 09:1
Chinese Gold Imports From Hong Kong Surge To Over 130 Tonnes In October: No Bear Market For Gold In China
Nov 27 2013, 09:10 | 32 comments | includes: AEM, AG, CEF, GG, GLD, GOLD, PHYS BOOKMARK / READ LATER
Disclosure: I am long SGOL, GG, AG, GOLD. (More...)
Reuters has just received data from China that shows that the Chinese have imported 131.9 tonnes of gold from Hong Kong during the month of October - the second highest amount ever imported from Hong Kong. Somebody needs to tell the Chinese that gold is in a bear market and that Goldman Sachs has named it a "slamdunk sell," and they should instead be buying shares of Apple (AAPL), Tesla (TSLA), and Twitter (TWTR).
The import numbers from Hong Kong so far this year are showing that the Chinese are buying ever more physical gold even as the price declines. The monthly totals of Chinese gold imports from Hong Kong are the following: