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China-Japan-Koreas
Why Are the Chinese Buying Record Quantities of Gold?
2012-02-02
This month, the Hong Kong Census and Statistics Department reported that China imported 102,779 kilograms of gold from Hong Kong in November, an increase from October's 86,299 kilograms. Beijing does not release gold trade figures, so for this and other reasons the Hong Kong numbers are considered the best indication of China's gold imports.

Analysts believe China bought as much as 490 tons of gold in 2011, double the estimated 245 tons in 2010. "The thing that's caught people's minds is the massive increase in Chinese buying," remarked Ross Norman of Sharps Pixley, a London gold brokerage, this month.

So who in China is buying all this gold?
China is going through what the US did in 2005-2006. When they fall, who will buy our debt? I see the gravy train derailing this year.
Posted by:DarthVader

#9  When money is being devalued, it makes sense to buy commodities.
Posted by: Anguper Hupomosing9418   2012-02-02 23:07  

#8  Might want to keep Chinese nuclear experts (& female aerobatic teams) away from Fort Knox.
Posted by: Cincinnatus Chili   2012-02-02 19:26  

#7  Listening too much to G. Gordon Liang's radio show.
Posted by: Thing From Snowy Mountain   2012-02-02 18:21  

#6  They watch too much Fox News.
Posted by: Nimble Spemble   2012-02-02 18:07  

#5  Why Are the Chinese Buying Record Quantities of Gold?

They took Goldfinger seriously.

Gold:

1. You can't eat it.
2. You can't grow food in it.
3. It has a couple of industrial uses that can be substituted with other metals.
4. It looks purty inna wedding ring but silly and fake in large quantities. (Return to Step 1.)

Go for it, China!
Posted by: Gabby Cussworth, Man of a Thousand Nyms   2012-02-02 16:35  

#4  According to Assange's Wikileak, China is buying gold to weaken the US dollar's supremacy as the world's reserve currency.
Posted by: tipper   2012-02-02 15:01  

#3  TW: The article says it is capital flight. Property prices are collapsing and the only real hedge against currency and property devaluation is gold. The US did the same thing in 2006 and gold shot up to record levels.
Posted by: DarthVader   2012-02-02 13:08  

#2  The Japanese bought American property at peak prices. Are the Chinese doing the same with gold?
Posted by: trailing wife   2012-02-02 12:29  

#1  q:Why Are the Chinese Buying Record Quantities of Gold?
a: TheBenBernanke.
Posted by: Bright Pebbles   2012-02-02 12:13  

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