An interesting article in the Financial Times website pointed out that China has been buying up gold. The article by Leslie Hook states, "Gold imports into China have soared this year, turning the country, already the largest bullion miner, into a major overseas buyer for the first time in recent memory."The surge, which comes as Chinese investors look for insurance against rising inflation and currency appreciation, puts Beijing on track to overtake India as the world’s largest consumer of gold and a significant force in global gold prices." (My emphasis.)
I wondered why gold had gone up and actually hit over $1400 an ounce today!
Image: Salvatore Vuono / FreeDigitalPhotos.net
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