Chinese Buying the Dips
Posted by Investment Rarities on November 7th 2011 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, India, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!
As the English-language China Daily publishes a cover package with five articles on the country’s gold rush, one of which notes that retail price drops “have helped fan a frenzy for gold among increasingly affluent Chinese buyers,” the Financial Times reports that “Chinese gold imports from Hong Kong, a proxy for the country’s overall overseas buying, leapt to a record high in September, when monthly purchases matched almost half that for the whole of 2010 … After hitting a nominal all-time high of $1,920.30 a troy ounce in early September, the yellow metal fell to a three-month low of $1,534 an ounce later in the month. Chinese investors snapped up the metal as prices fell.”
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