The Shanghai Gold Exchange revealed today it had imported nearly 500% more gold in the past 10 months than it did in all of last year, according to Bloomberg.
That’s 209 tonnes of gold already, compared to 45 tonnes last year.
Early this year, people speculated that China, which does not regularly reveal gold data, was a key force driving the market higher this year.
It turns out they are. Chinese are buying gold as a check against rampant inflation. Moreover, it’s a way to check inflation while keeping the yuan low and continuing the currency war.
Meanwhile, gold is up to $1398.50 and approaching a new high.
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