GOLD 0.51% $1,391.7 gold futures

gld inventory under 790 tons, page-89

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    If the chart on Chinese gold imports is correct, the Chinese would appear to be among the worst investors in history. It seems they did very little in gold until it topped in 2011, and they have been buying it all the way down.

    Maybe their best value is as a contrarian indicator and we are better off on the other side of the trade.
 
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