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Guess What Else China Is Hoarding
We already know that Chinese imports of HK gold passed all records in the month of April. It appears that the precious metal is not the only hard asset that China has set its sights on.
From BBG:
China imported a net 25.3 million metric tons of crude in May, or 5.98 million barrels a day, up 10 percent from April, customs data showed yesterday. The previous record was 5.87 million barrels a day in February. Purchases cost an average of $120 a barrel, compared with about $123 in April, the data showed.
And visually:
Perhaps it is not worth pointing out that one thing China is seemingly not hoarding is the USD.
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This is not "civilized" behavior.
If they were "civilized" they would be hoovering up the EFSF bonds to be issued for the Spanish bank bail-out.
Every Memorial day CNBCNNBCBS quotes the "'Lumberg' Letter" and informs us mundanes that the "summer driving season" has begun, so gasoline prices must go up. Not this year? Up is down. Black is white.
No, war explanation is too easy. More likely crude price ties into some of their financial instruments as collateral. Such as has been the case with copper for example. I´d try throwing a few billions into shorting crude and see if that causes rumbles in China. Like you know, a probing attack.
If that causes rumbles in Goldman Sachs, Morgan and other major commodities players too, well there probably you´d have it.
Off the subject, but am I the only one who finds it humorous that Delta and JPM boughtan oil refinery a month or two os so ago? Delta and JPM AND oil prices have done swimmingly since then. Well played!
OIL = JP4
They're hoarding everything to save face, like good Asians. Their economy is in free fall and if they stopped importing iron ore and whatnot, the rest of the world would know it. This way, they can keep publishing the cooked stats that make it seem like everything is a-ok.