Dave Gonigam

“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.

Regards,
Dave Gonigam

You May Also Like:


“Really? There’s no gold in Fort Knox?”

Byron King

Stay tuned for a scene right out of the hit TV show, The Walking Dead. Although, instead of human zombies, expect to see a growing army of zombie dollars. Byron King explains...

Dave Gonigam

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.

Recent Articles

How the American Dream Can Make You 14-Times Your Money

Chris Mayer

Most U.S. citizens subscribe to an idea called the American dream - working hard on a level playing field so you can "get ahead" in life. But that's not what the original "American dream" was all about. As Chris Mayer explains, that term originally referred to a completely different, yet equally important goal. Read on...


Why Too Much Data Might Actually Protect Your Privacy

Sam Volkering

The world is awash with data. All these data will shape the future, helping people make smarter decisions and act faster. But to realize this vision, there has to be a way to crunch the data. And with such a huge amount of it, that could be a problem. Luckily, there's a unique solution on the horizon. Sam Volkering explains...


Laissez Faire
Why the Fed Has Declared War on Your Money

Peter Ferrara

The value of the US dollar has been steadily declining for nearly a century. Thanks to Nixon, Greenspan and a slew of other "leaders" the poor greenback is a sad shell of its former self. But there is a way to reverse this trend, and restore it to its former glory... if only those in power were willing to do it. Peter Ferrara explains...


How to Trade the Return of Social Media Stocks

Greg Guenthner

The word of the day is "growth." With GDP screaming higher in the second quarter it appears social media stocks have taken this as a sign and have started showing their own outsized growth. Today, Greg Guenthner shows you how to play this trend for huge gains as the second half of the year gets in full swing...


Maestro
6 Major Flaws in the Fed’s Economic Model

James Rickards

Use what analogy you will: a car, a clock, a chemistry experiment... the point remains that the Fed believes it can control the economy. Indeed the Fed will stop at nothing to realize the goals of its dual mandate" to maximize job growth and maintain price stability. But, as Jim Rickards expalins, that conceit always ends in disaster. Read on...