China Imported An Additional 133 Tonnes Of Gold Directly In 2013

Gold Silver Worlds: In early November we reported that China's net gold imports from Hong Kong totaled 854.2 tonnes between January and September 2013. More or less at the same period of time, based on the latest official gold market data, we concluded that the Chinese gold figures are merely reflecting part of reality, as explained in "World Gold Council Reports Significant Error In China's Gold Holdings."

Today's news from Reuters shows that things are even more "complicated." Over the course of this year, China would have imported an additional 133 tonnes directly, i.e. not through Hong Kong. This figure is a calculation by Reuters based on top 20 gold exporters in the world.

From Reuters:

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But a surge in China's gold purchases as prices slumped by a quarter this year has also seen at least 133 tonnes shipped directly, according to Reuters calculations based on data from Global Trade Information Services (GTIS).

That figure could be even higher as it does not include central bank purchases.

"This year, we have seen quite considerable flows coming directly to Shanghai. More gold will come into Shanghai over the next two years," said Cameron Alexander, manager of Asian precious metals demand with metals consultancy GFMS, which is owned by Thomson Reuters.

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