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News that Chinese gold imports are at record levels suggests both the government and the people are purchasers and this is one of the current drivers of the global gold price.
Chinese demand is behaving as we predicted. If you look at the recent history of Chinese gold demand, you start in 2003 when gold ownership was made acceptable, having been banned from 1945 until then. This occurred at a time when the agency for the People's Bank of China began buying gold for their reserves. Prior to that, HSBC tried to persuade China to buy gold, but the time was not quite right for them. Now it is very right for China to buy gold. What has happened since 2003 and during 2010?
Chinese demand is behaving as we predicted. If you look at the recent history of Chinese gold demand, you start in 2003 when gold ownership was made acceptable, having been banned from 1945 until then. This occurred at a time when the agency for the People's Bank of China began buying gold for their reserves. Prior to that, HSBC tried to persuade China to buy gold, but the time was not quite right for them. Now it is very right for China to buy gold. What has happened since 2003 and during 2010?
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