China Imports 104 Tonnes Of Physical Gold In June 2013

The latest Chinese gold import figures are out. China imported through Hong Kong 104.6 tonnes of physical gold in June of 2013. That makes for a total gold import of 517.92 tonnes from Hong Kong in the first 6 months of this year.

Let’s review the figures month by month:

  • January 2013: 51.3 tonnes
  • February 2013: 97.1 tonnes
  • March 2013: 223.5 tonnes
  • April 2013: approx. 80 tonnes
  • May 2013: approx. 110 tonnes
  • June 2013: 104.6 tonnes

Why do we keep on emphasizing these figures (for instance in earlier updates here and here)? Because these amounts are unprecedented and account for a solid physical gold demand amid the recent sell off induced in the paper market. It proves that the gold bull market is far from over, because this bull market is a global one (in contrast to the one of the 70’s). Mainstream media commentators can focus on the short term price, which is fine, but they never mention any figure about the physical market … otherwise they wouldn’t have such a bearish view.

A quick comparison proves the point:

  • Total imports to China from Hong Kong in 2012: 572.6 tonnes (note that 2012 was an exceptional year)
  • GLD holds 911 tonnes at the moment of writing while it had 1337 in the first week of January 2013.
  • Yearly gold production (newly mined gold) is approximately 2600 tonnes. Note that China is on track to import close to half the total year production.

The figures are courtesy of Goldchartsrus. The most actual chart of monthly Chinese gold imports:

gold_imports_china_hongkong_june_2013

 

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