Hong Kong Gold Exports to China are Escalating
Hong Kong’s net gold exports in April were 80.1 tons it increased to 108.8 tons in May. Gold exports hit a record high of 136.2 tons in March, the Hong Kong Census and Statistics Department said. Analysts said it was the second strongest monthly hit on record, they added, lower prices appealed mainland buyers. Gold lost more than 26 percent of its value up to now this year, encouraging a rush for gold bars, coins and jewelry in Asia. Hong Kong’s gold exports came to 413.4 tons for the first 5 months this year, twice of that from the year-ago period. China’s gold imports of 2012 reached 832.2 tons. However, analysts said that due to heavy buying through the first 5 months of the year, they don’t think that buying on this scale will continue till the end of the year. Buyers are as well positioning off purchases in expectation of a further decrease in gold prices.