China’s gold imports surge fivefold

[dkf]

Gold imports into China have soared this year, turning the country, already the largest bullion miner, into a major overseas buyer for the first time in recent memory.

The surge, which comes as Chinese investors look for insurance against rising inflation and currency appreciation, puts Beijing on track to overtake India as the world’s largest consumer of gold and a significant force in global gold prices.

The size of the imports – more than 209 tonnes of gold during the first 10 months of the year, a fivefold increase from an estimate of 45 tonnes last year – was revealed on Thursday. In the past, China has kept the volume secret.

“Investment is really driving demand for gold,” said Cai Minggang, at the Beijing Precious Metals Exchange. “People don’t have any better investment options. Look at the stock market, or the property market – you could make huge losses there.”

http://www.ft.com/cms/s/0/9742847e-fe3e-11df-abac-00144feab49a.html#axzz170nLbjbF

[AsahinaKimi]

1. I could see

Glenn Beck selling Gold for China..
:rofl:

[dkf]

2. Maybe he can do that instead of his ridiculous show.

Except the Chinese would laugh him out of town.

[Art_from_Ark]

4. They'd probably supply him with fake gold

Counterfeiting is a booming business in China.

[BadgerKid]

3. Might as well call it a gold bubble? n/t