By the way, here are some charts on that "overwhelming negative" US economy, as Stuart Varney describes it. Have some more. They're pretty easy to find. Here's another one.
Have a great weekend
Spot checks on 25 companies that process bullion, such as jewellers, showed they made a combined profit of more than 900 million yuan by using the bank loans to take advantage of the difference between onshore and offshore interest rates, as well the appreciation of the Chinese currency, according to a report published this week on the National Audit Office's website.Bad news, eh? Over at Mining.com, they had slightly different numbers, but, you know. Doom. Destin. Verhängnis. 厄運!
Chinese firms could have locked up as much as 1,000 tonnes of gold in financing deals by the end of 2013, the World Gold Council said in April, indicating a big slice of imports has been used to raise funds due to tight credit conditions, rather than to meet consumer demand.
At current prices, that would be worth about $42 billion.
Reparations began last year, which resulted in a pathetically low amount of gold returned to Germany. To date, only 37.5 tonnes made its way home. Sadly to meet their goal, Germany would need to see 87.5 tonnes per year. Clearly, the FED did not have the gold it claimed to have.Sure, China could stop importing gold, and prices could crash. On the other hand, maybe we're near the beginning of a 20-year trend of rising gold imports into China.