Gold Purchases May be By China’s Banks
Nicholas Larkin | January 13, 2012
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The surge in China’s gold imports from Hong Kong in November may be because of purchases by the central bank or the country’s banks, according to London bullion brokerage Sharps Pixley.
Mainland China bought a record 102,779 kilograms (226,589 pounds) from Hong Kong in November, up from 86,299 kilograms in October, according to the Census and Statistics Department of the Hong Kong government. China, which has the world’s fifth-largest holding by country, doesn’t publish gold trade data.
Central banks are expanding bullion reserves for the first time in a generation after the metal gained for 11 consecutive years. The People’s Bank of China last made known its gold reserves more than two years ago, announcing that it held 1,054 metric tons. That’s about 1.8 percent of its total reserves, according to data from the World Gold Council.
“During our visit to Shanghai in December, more gold shops were largely empty of clients,” Ross Norman, the chief executive officer of Sharps Pixley, said on Friday in an e-mailed report. “It is well known that the Chinese authorities are keen to diversify their reserve holdings away from the risks associated with holding currencies. Buying gold is a natural extension of that view.”
Gold for immediate delivery traded at $1,652.90 an ounce in London trading on Friday after reaching a four-week high of $1,654.60. Central banks may buy 600 tons this year, according to Goldman Sachs Group. Combined official holdings stand at 30,744 tons, data from the London-based World Gold Council show.
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