Tuesday, November 8, 2011
China’s gold imports jump sixfold
FT.com is reporting that China's gold imports (via Hong Kong) have risen significantly in September, a factor of six over the corresponding period last year and almost equaling half of the total imports for 2010.
Reason quoted is the recent fall in the gold price encouraging bargain hunters, which no doubt is true, but I suspect it has more to do with the increasing acceptance of the Government advertising to invest in Gold and Silver and the increased easy of doing so by physical allocated bullion accounts offered to 100's of millions of bank clients. For the FT article go here.
For details on how the Chinese Communist government encourages the politerate to save in real money see this posts from the the first week of this blogs' existence, here.