A clue to the China gold import/export surge?
http://business-standard.com/india/news/gold-rally-triggers-scrap-sales-in-india/167003/on
"Last night, there was some selling from Thailand and other countries in Southeast Asia, and demand from Chinese banks was mediocre," said a Singapore-based dealer.
Data showed Hong Kong shipped more than 101 tonnes of gold to mainland China in April, up 62% from the previous month. Gold imports into the territory from China rose to an unprecedented 34 tonnes, surprising many market participants.
Some said people could be taking advantage of the difference between onshore and offshore interest rates by shipping gold back and forth for financing purposes."
This sounds similar to the situation we have with copper where traders use "off-shore" metal (which are in reality stored locally in bonded warehouses prior to import tax being paid) as collateral to finance these unrelated currency arbitrage trades. Makes it very difficult to rely on import statistics as a true gauge of demand in China.
- Forums
- Commodities
- GOLD
- break of 50dma and downtrend
break of 50dma and downtrend, page-34
-
-
- There are more pages in this discussion • 49 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)