“Setting a record” doesn’t begin to do the story justice.
The Hong Kong Census and Statistics Department is out with its monthly figures on China’s gold imports via Hong Kong. The Chinese government is notoriously secretive about its total imports, so the Hong Kong figures are the best we have to go on.
The March number is 223.5 metric tons — literally off the charts…
“This is quite out of expectation, as all these imports were done before the market slump in April,” a trader at the Bank of China tells Bloomberg.
Which means the April number will likely confound our resident chartmeisters even more. “Judging from the explosive growth of trading volume on the Shanghai Gold Exchange in the second half of April, and anecdotes that many jewelry shops are sold out throughout the country,” the Bank of China trader adds, “imports might be even more substantial in April.”
Buying at this pace is bound to move even the “paper price” of gold, to say nothing of real metal. Imagine what might happen when the People’s Bank of China gets around to announcing its official reserves again. Which could be any day now, seeing as it hasn’t done so in more than four years.
If it can clear this hurdle, we could see a quick rally and higher prices over the next several weeks. But if it fails, I suspect another test of $1,200 in short order, potentially sending the yellow metal to fresh lows.
Dave Gonigam has been managing editor of The 5 Min. Forecast since September 2010. Before joining the research and writing team at Agora Financial in 2007, he worked for 20 years as an Emmy award-winning television news producer.
Interesting world we inhabit.
Alleged Communists are gold bugs.
Alleged capitalists are Keynesian socialists.
Let me tell you now is the time. Gold will never be cheaper, and soon may be unattainable. China is prepping for a trade war with the US and the world is really not on our side in this. They are tired of Obama and the copy machine printing money…they will end it for us and we will not like what happens. I bought a piece of gold ten years ago and it is worth more than 500% more than then. What are you making in interest?
So what does this mean? Have they totally lost faith in fiat currency or is there a different tactic?
Lots of naive investors thinking that gold was the smart investment, because gold’s prices NEVER come down – just like the real estate bubble. Throw in lots of fearful investors convinced that an economic apocalypse is coming. You bought gold at the beginning of the biggest bull market it’s EVER had.
Take a look at interest rates vs. gold prices and think about how long the Fed has had to hold interest rates at effectively negative (because of inflation). The correction is coming and it’s going to be huge.
Unlike paper money, gold will always be worth something.
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