October Chinese gold imports from HK massive 131 tonnes

The seventh month this year that China has imported over 100 tonnes of gold and the sixth in a row.  Imports appear once again to be being stimulated by the lower gold prices currently prevailing.  A Bloomberg comment suggests the figure was slightly lower at 129.9 tonnes and that this demand strength is also due to jewellers and retailers purchasing gold to build up stocks ahead of what is usually the peak demand season for gold purchases on the Chinese mainland and in Hong Kong itself.

Again this increased volume of imports through the former British Crown Colony highlights how conservative the estimated figure for Chinese gold imports via this route of 1,000 tonnes, so frequently quoted by most media, was when it was made by the World Gold Council, using GFMS figures, much earlier in the year.  The statistics now show that the 1,000 tonne figure has probably been reached comfortably already now we are almost at the end of November and the likely figure for imports through Hong Kong alone this year will be more like 1,200 tonnes.  This ties in strongly with the recent report from China’s biggest jewellery company Chow Tai Fook of almost doubled sales through the first half of the current year as the Chinese continue to buy gold in volume.

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