Australian Gold Sales to China Soar 900% Year to Date
GOLD has soared past coal as Australia’s second most valuable physical export to China, with sales up a whopping 900 per cent for the first eight months of the year, bringing in $4.1 billion.
Chinese buyers are hoarding the precious metal amid a slowing economy, property-buying restrictions and uncertain financial markets as its central bank increases its holdings.
Nigel Moffat, manager of treasury operations at the Perth Mint, said large quantities of the Mint’s gold had been supplied to China through a variety of banks.
In the last four to six weeks though, demand has fallen off significantly, as it has everywhere.
One thing I can assure you is that the Chinese will be taking full advantage of this Centrally Planned pre-election smash as Bernanke attempts to save his job.
Expect lift-off for metals post 11/6.
Read More: theaustralian.com.au