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China Gold Imports At Record Highs
Posted March 26th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices retreated on Wednesday as gold dipped nearly one percent to $1,303.59 an ounce, and silver eased to $19.81 an ounce, after gold found support at its 50-day and 200-day moving averages, both of which are just above the $1,300 an ounce level. “You have some support around here, no doubt about it,” said Sean Lusk, of Walsh Trading.
 
“I think we’re now coming back and testing the key support levels,” said Charles Nedoss, of LaSalle Futures Group. “$1,300 has been a pretty big level here, not only because of where the moving averages lie but because this is where the real breakout started.” Nedoss went on to say support was “pretty decent,” now that demand from Asia has started to pick up and the central banks continue to bolster reserves.
 
Iraq announced on Tuesday that it had purchased 36 metric tons of gold in March, it's the biggest purchase by any central bank since Mexico added 78.5 tons to its reserves in March 2011. Data from Hong Kong on Tuesday shows net Chinese imports of the yellow metal in February hit 112.3 tons, the highest since October and many believe some of that gold is being used to build reserves. “China had granted additional banks a gold import license in January, allowing the high gold demand of the Chinese population to be better met,” said Commerzbank.
 
In order to get more physical gold to China, the government is now allowing more banks to import the precious metal. The U.S. prefers to foolishly deal in paper gold. "Funds bought it quite aggressively over the past few weeks, and although there has been liquidation, I think they are still long," said David Govett, of Marex Spectron. "(We have) option expiry this evening on Comex and the biggest strike is 1300. (Gold) often has an uncanny knack on expiry days of heading to the main strike, which is what we are doing."

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