December 2012 China Gold Imports Hit Record Level

As predicted here, China bought gold like there was no tomorrow in December 2012 as gold prices fell to a record low. They bought 114.4 tonnes. I believe January will be a good month too.

Chart 1: China Gold Imports from Hong Kong

Net imports were 84.7 tonnes. That's 84.7/114.4 = 74%. That's a record high, even higher than the 68% in November 2012. This means China isn't even trying to export its gold to Hong Kong anymore. It's scooping up all the gold they produce!

I say: "Follow the money!"