China Gold Imports From Hong Kong Rise on Stockpiling – Bloomberg 11-26-13

Salient to Investors:

Gold shipments to China from Hong Kong rose in October to the second-highest on record, while purchases in the first 10 months of 2013 were more than doubling a year earlier. The World Gold Council said China is on course to overtake India as the world’s biggest bullion consumer.

Victor Thianpiriya at Australia & NZ Banking said China is back on track to import more than a thousand tons, and while there is the usual seasonal pickup towards Q4, the Chinese were taking advantage of lower prices.

Chow Tai Fook Jewellery, the world’s largest listed jewelry chain, yesterday reported profit for the six months ended Sept. 30 that almost doubled on Chinese demand.

Only qualified banks that secure quotas from the People’s Bank of China can import gold to the mainland.

Read the full article at  http://www.bloomberg.com/news/2013-11-27/china-gold-imports-from-hong-kong-rise-on-stockpiling.html

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