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Chinese Gold Demand Making Records

ByRyan Jordan
Published 11/27/2013, 11:43 PM
Updated 07/09/2023, 06:31 AM
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News from Bloomberg this morning reveals once again that even with declining demand from India, there are other potential buyers in Asia for precious metals to potentially put the bull market back on track. The most important new buyer for gold is China, where 2013 looks to be a blowout year in terms of physical demand for metal. While many in the West are focusing on any other investment at the moment besides the precious metals (including bitcoin), it seems as though our friends in Asia understand better the long term, fundamental reasons to own assets like gold and silver.

With Asian middle classes growing far faster than those here at home or in other western countries, look for data like this to be the real tell concerning the future direction of precious metals prices, even as at the moment it seems as though everyone in the West is bearish:

“Gold shipments to China from Hong Kong rose in October to the second-highest on record as jewelers and retailers bought the metal to build up inventories ahead of a peak-demand season at the end of the year.

Net imports, after deducting flows from China into Hong Kong, were 129.9 metric tons in October, from 109.4 tons in September, according to calculations by Bloomberg based on data from the Hong Kong Census and Statistics Department. Purchases reached an all-time high of 130 tons in March, with the amount in the first 10 months of 2013 more than doubling to 955.9 tons from a year earlier, the data show.”

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