This month, the Hong Kong Census and Statistics Department reported
that China imported 102,779 kilograms of gold from Hong Kong in
November, an increase from October’s 86,299 kilograms. Beijing does not
release gold trade figures, so for this and other reasons the Hong Kong
numbers are considered the best indication of China’s gold imports.
Analysts believe
China bought as much as 490 tons of gold in 2011, double the estimated
245 tons in 2010. “The thing that’s caught people’s minds is the
massive increase in Chinese buying,” remarked Ross Norman of Sharps
Pixley, a London gold brokerage, this month.
So who in China is buying all this gold?
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