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A Large Amount of Gold Is Flowing into China

Taiwanese online news site Tech News recently reported that multiple wealth management providers have been recommending to nearly all of their wealthy Chinese clients to stock up on gold. According to Swiss Customs data, in September, Switzerland imported 223.3 tons of gold and exported 118 tons. Both were peak points in the past two years. Most of the Swiss gold that was imported (around 70 percent) was from London and New York. The destinations for Swiss exports were mainly in Asia. India is one of the largest gold consumers; its September gold imports decreased by 115 tons. Unexpectedly, exports to Hong Kong alone increased from 3.3 tons to 28.7 tons. China and Hong Kong together saw that gold imports increased by 160 tons. Typically, gold stays in London and New York for banks to trade among themselves. However, this time physical gold has been flowing out and has never circled back.

Source: Tech News, October 30, 2018