Hong Kong gave its leading position to Shanghai in the Chinese gold market.
Hong Kong has always played an important role in the global gold market, and in particular in the gold market of China. It was the gateway for the import of gold into the country. However recently the large volumes of gold began to come into the country through Shanghai.
Now the main city for the gold import is gradually losing its leading position. This means that the data about the import of gold will now become even less transparent, since China holds in secret its data about the gold reserves of the country.
Not so long ago, the analysts of the gold market could count an approximate demand for gold in China. In addition, they could predict how the change in demand in the Chinese market would affect the overall price of gold. But now the statistic data, which were published by the Hong Kong Department of Statistics on a regular basis, became unavailable.
The problems with access to reliable information began this April. Now the place of Hong Kong was taken by Shenzhen and Shanghai. Beijing also became a new "gateway" for the import of gold. The latest data show that the country imported nearly 70 tons of the yellow metal, the highest figure for the last six months. The last year official data indicate that Hong Kong imported about 1,175 tons of the yellow metal, that is, an average of about one hundred tons per month.
According to other sources, in 2013 the demand for the yellow metal in China exceeded 2,000 tons. It means that there were other ways to import gold into the country.This year more and more gold gets into China through Shanghai, according to the data of the Shanghai Gold Exchange.
This situation fully satisfies the government of China. The first reason for that is the strengthening of the role of Shanghai as the center of the gold trade. Accordingly, the local currency is becoming stronger. The second reason is that the gold reserves of the country are in secret.
This great empire has always considered gold as a reliable and promising asset. The price of gold continually rises, and the volume of the gold reserves can show the power of the country. Moreover, the volume of gold reserves of every person can also show power and prosperity of people. The customers of Emgoldex are always confident in their powerful future thanks to the gold bars that they buy in the Emgoldex online store. They know gold is the very metal that can protect and increase their capital.
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Category: Gold news Publication date: 2014-11-03 08:50
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