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MARSHALL JAMES

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Member Since: 10/2009  Last Seen: 5/16/2012

Why Are the Chinese Buying Record Quantities of Gold?

Seeded on Tue Jan 31, 2012 11:31 AM EST
Read ArticleArticle Source: Forbes
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Seeded by Marshall James
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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?

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Marshall James

Why do you think???

COH please

    Reply#1 - Tue Jan 31, 2012 11:31 AM EST
    Polka14

    For some reason gold is highly valued by humans. Worthless artificial paper money can become worthless. The value of various metals especially heavy metals are apparently not often vulnerable to a collapse in value but it does occur; aluminum was more valuable then gold in the past.

      Reply#2 - Tue Jan 31, 2012 12:40 PM EST
      Marshall James

      rarity had somethign to do with it.

        #2.1 - Tue Jan 31, 2012 12:42 PM EST
        Polka14

        I suppose that is a factor but gold is valuable because it is valuable. It has few real uses in civilization that other metals can't be used for. Aluminum is nearly worthless but it is very valuable to civilization.

          #2.2 - Tue Jan 31, 2012 12:47 PM EST
          Reply
          WBOB in Indiana

          Gold has been a valuable currency long before anything else for thousands of years. It's a hedge against a failing currency such as the dollar has been. With the Fed pumping out paper, the devaluing continues.....China is protecting themselves against a US default due to the massive debt we've incurred and are still incuring.

          • 1 vote
          Reply#3 - Tue Jan 31, 2012 2:34 PM EST
          Marshall James

          yep yep

            #3.1 - Tue Jan 31, 2012 2:44 PM EST
            Reply
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