Although China’s gold-mining operations produce more gold than any other country, the PBoC and consumers continue to import substantial amounts. The last two years have seen China purchase more than 2,800 tons of gold from overseas locations, which, according to Bloomberg, is more than all the metal that backs exchange-traded funds (ETFs) around the world or about a third of the stockpiles held by the United States’ Federal Reserve (the Fed). “China is unquestionably driving the price of gold,” Ross Norman, chief executive of MetalsDaily.com, a precious-metals information platform based in London, told the New York Times on May 5. “The flow of gold to China has gone from solid to an absolute torrent.”
Source - International Banker dot com
GMD Price at posting:
$2.30 Sentiment: Buy Disclosure: Held
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