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"Uncivilized" China Quietly Building Gold Reserves As Gold Imports From HK Soar By 587% In First Quarter

Tyler Durden's picture


A month ago we ended up with the hilarious situation where the US was actively considering releasing petroleum from the Strategic Petroleum Reserve even as China was demonstratively and concurrently adding to its strategic inventory. Now, as the developed world is seeing day after day of gold hammering on amusing flights of fancy that central banks won't be forced to engage in more and ever bigger rounds of monetary dilution, and where the seller apparently has no regard for getting a "good" price, but merely seeks to crash the bid stack slams various PM prices, we see the same inversion with gold. Because as Bloomberg reports, "Mainland China's gold imports from Hong Kong surged more than sixfold in the first quarter, to 156 metric tons, adding to signs that the country may displace India as the world's largest consumer of the precious metal on an annual basis." And the punchline: "The purchases through Hong Kong may signal that the mainland is accumulating reserves, London-based brokerage Sharps Pixley Ltd. said in February. The nation last made its reserves known more than two years ago, stating them at 1,054 tons." Yep ladies and gents: the PBOC is very grateful that it can add hundreds of tons of gold to its reserve holdings in a stealthy operation which it will announce only after its conclusion, at which point, like true 13F chasing lemmings, retail will send gold soaring. But in the meantime, dear hedge funds worried about your margin calls and 1 month performance reports, please proceed calmly along with the lemming herd, and keep pushing gold lower and cheaper for our new Chinese overlords, and for everyone else who, without P&L timing constraints, takes delight in such brief arbitrage opportunities.

From Bloomberg:

Imports from Hong Kong were 135,529 kilograms (135.53 metric tons) between January and March, from 19,729 kilograms in the year-earlier period, according to data from the Census and Statistics Department of the Hong Kong government. Shipments in March rose 59 percent from February, yesterday's data showed.


Demand has climbed in the world's second-largest economy as rising incomes and curbs on property speculation boosted purchases. China may become the biggest user annually this year, according to a forecast from the producer-funded World Gold Council. Last year, total Indian demand including for jewelry and investment was 933.4 tons to China's 769.8 tons.


"We're looking at another solid year for Chinese demand based on these early numbers," said Nick Trevethan, senior commodities strategist at Australia & New Zealand Banking Group Ltd. "While it's largely related to price, negative real interest rates should keep demand strong."


Gold has lost 15 percent from its record $1,921.15 an ounce in September as the European debt crisis, combined with reduced expectations for further monetary easing by the Federal Reserve, boosted the dollar. Spot gold traded at $1,637.32 an ounce at 9:41 a.m. in Singapore, 4.7 percent higher this year

The geopolitical implications are obvious:

The prospect of China becoming the largest bullion user reflects the country's economic ascendance. Per capita gross domestic product has more than doubled since 2000, according to World Bank data. The country is already the world's top consumer of copper and biggest producer of steel.


Gold shipments to the mainland climbed for a third month in March to 62,913 kilograms, the Hong Kong data showed. That compares with 39,668 kilograms in February and 9,166 kilograms in March 2011. China doesn't publish gold-trade data. Last year, imports from Hong Kong more than tripled to 431,226 kilograms.


The purchases through Hong Kong may signal that the mainland is accumulating reserves, London-based brokerage Sharps Pixley Ltd. said in February. The nation last made its reserves known more than two years ago, stating them at 1,054 tons.

Finally, we can only hope that all those who clamor for an RRR, or even interest rate, cut are wrong, as the paradigm shift in China as one of pursuing more inflation will light yet another major fire under gold, which would make purchases on the cheap problematic. In fact, the status quo, in which a very "uncivilized" China is buying as everyone else is selling, is ideal for all intents and purposes.


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Tue, 05/08/2012 - 10:02 | 2406318 maxmad
maxmad's picture

BUT, Warren "Geritol" Buffet said that it wasn't money??? huh...

Tue, 05/08/2012 - 10:03 | 2406325 SilverTree
SilverTree's picture

Silver and Gold on sale today!!



Tue, 05/08/2012 - 10:13 | 2406377 Short Memories
Short Memories's picture

They must be biding their time today though, trying to avoid catching the falling knife

Tue, 05/08/2012 - 10:21 | 2406411 GetZeeGold
GetZeeGold's picture




They're pretty damn good at what they do.......Benny still won't get a Christmas card from them this year however.


The Chinese have learned from the Rothschild's well....when everyone's running out of the room they walk in and calmly put the gold into their back pockets.



Tue, 05/08/2012 - 10:23 | 2406428 SilverTree
SilverTree's picture

Quietly = unreported.

Tue, 05/08/2012 - 10:29 | 2406457 GetZeeGold
GetZeeGold's picture



They'll let the data out in a quiet report.......bout 6 months from now.


Tue, 05/08/2012 - 10:35 | 2406496 Levadiakos
Levadiakos's picture

Gold is dead munny

Tue, 05/08/2012 - 10:43 | 2406545 GetZeeGold
GetZeeGold's picture



$20 gold piece still buys a decent suit.


Tue, 05/08/2012 - 11:06 | 2406650 Levadiakos
Levadiakos's picture

So does $20

Tue, 05/08/2012 - 11:11 | 2406677 GetZeeGold
GetZeeGold's picture



Now you're just acting stupid. Time to get off daddy's computer.



Tue, 05/08/2012 - 20:07 | 2408588 VegasRage
VegasRage's picture

Yeah, for your Ken or  GI Joe doll! 

Tue, 05/08/2012 - 10:57 | 2406613 azzhatter
azzhatter's picture

Sewing it into their Mao shirts

Tue, 05/08/2012 - 10:14 | 2406381 Hmm...
Hmm...'s picture

I continue to be the only person on all of ZH who is way upside down on his gold purchases. 

I told myself a while back I'd buy if it gets below $1600, so I"m watching closely.  but I'm still unnerved by how closely Gold has tracked the equity markets since Fall 2011.

I'll still probably buy again because my dollars are just sitting in a credit union earning 0.8%, but I wish that gold wasn't acting like another plaything of the markets.

Tue, 05/08/2012 - 10:32 | 2406476 mayhem_korner
mayhem_korner's picture



You're being fooled by the banksters, who are manipulating gold specifically to make it look "like everything else".  Buy on a dollar-cost-averaging basis and forget about the published "price."  It is about accumulating, not timing.  I've been buying for some time and my weighted-average cost is around $900/oz, which includes some recent buys in the $1,600s and $1,700s. 

Tue, 05/08/2012 - 10:35 | 2406503 Pladizow
Pladizow's picture

What's your eye and hair color?

Tue, 05/08/2012 - 10:38 | 2406523 mayhem_korner
mayhem_korner's picture



My hair color is blonde - ever since that boating accident down in the Galapagos - lost all my stuff but got a permanent beach head.  My eyes are exactly the color of your avatar (same pupil shape, too).

Tue, 05/08/2012 - 10:37 | 2406509 Levadiakos
Levadiakos's picture

You're being fooled by G Gordon Liddy. Gold is for sellers

Tue, 05/08/2012 - 11:43 | 2406820 Upswaller
Upswaller's picture


Tue, 05/08/2012 - 10:39 | 2406508 ActionFive
ActionFive's picture

I'm still unnerved by how closely Gold has tracked the equity markets since Fall 2011.


Others are unnerved by how it hasn't since February.

The dollar is lawless.

Tue, 05/08/2012 - 10:11 | 2406365 Sudden Debt
Sudden Debt's picture

It aren't paper dollars because everybody want's to get rid of those unlike gold.

So in a way he's right.

It would actually be a insult to gold to compare it to paper money!

Tue, 05/08/2012 - 10:39 | 2406535 Levadiakos
Levadiakos's picture

Gold is for losers like you. Buy all ya want. Plenty of it around.

Tue, 05/08/2012 - 10:44 | 2406550 GetZeeGold
GetZeeGold's picture



Thank you......I will.


Tue, 05/08/2012 - 11:36 | 2406778 Peter Pan
Peter Pan's picture

Is Levadiakos still a soccer team or is it broke like the rest of fiat enslaved Greece.

Tue, 05/08/2012 - 10:12 | 2406368 DeltaCharlie
DeltaCharlie's picture

Keep buying stocks Warren... try not to cut your fingers while you're doing it. 

Tue, 05/08/2012 - 10:17 | 2406394 jus_lite_reading
jus_lite_reading's picture

They might be buying gold but they are uncivilized...


"Supposedly, the television team paid a lot of money to get some of the pills, and when they tested them, found the pills’ contents were 99.7 percent human, and were also able to discern the babies’ gender from the powder, as well as found hair and nail remnants."


Eat your Chinese iPads boys!

Tue, 05/08/2012 - 10:24 | 2406429 Sudden Debt
Sudden Debt's picture

Damn... in the past it was funny that the chinese ate stuff like dried donkey dick but this shit is just creepy!

Where's the fucking moral?


Tue, 05/08/2012 - 10:54 | 2406598 Levadiakos
Levadiakos's picture

You the only one eating dried donkey dick Hoss

Tue, 05/08/2012 - 11:44 | 2406824 Upswaller
Upswaller's picture


Tue, 05/08/2012 - 12:01 | 2406890 dogbreath
dogbreath's picture

its been here a whole 9 weeks,  ignore it because it won't keep itself amused for very long. 

Tue, 05/08/2012 - 12:09 | 2406931 jus_lite_reading
jus_lite_reading's picture

Hey Leo! Is that you?!?




Got those solar panels working to make green shoots??

Tue, 05/08/2012 - 10:26 | 2406448 augustusgloop
augustusgloop's picture

lather, rinse, repeat quote: “I think gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939, but civilized people don’t buy gold, they invest in productive businesses.”

-object lesson in gold being the ultimate portable store of wealth. harder to confiscate than department stores, stock certificates, property, works of art, etc.

-based on 'what happened' between 1939-1945 that the jews were the civilized ones fleeing the barbarians.  

Tue, 05/08/2012 - 10:55 | 2406602 Levadiakos
Levadiakos's picture

Try buying a ham sandwich with a pound of it and expecting change

Tue, 05/08/2012 - 11:43 | 2406818 Peter Pan
Peter Pan's picture

And try buying gold with a ham sandwich. Honestly, statements such as yours add nothing to the debate. We on't have to agree but let's be a little more intellectually rigorous,

Tue, 05/08/2012 - 14:32 | 2407546 Think for yourself
Think for yourself's picture

I'd consider buying a nice 5-course meal with bottle of wine for me and my girl - with a shiny 1-oz coin of silver, but only once it reverts to its historic value of 1 week of hard human labor (should be more now thanks to the above-ground depletion of reserves due to newly found uses in the electronic age).

For a ham sandwich, you pay with 3-nines silver granulate, the kind that silversmiths buy to melt and craft. Small 1 gram droplet for you, thanks, keep the change.

Tue, 05/08/2012 - 14:10 | 2407449 Matt
Matt's picture

10 week member, seems to troll hard about once every week or two. What's the betting pool on how long he lasts?

Please note: a pound is not a common unit of gold. usually it is measured in troy ounces. Besides, I think 'junk' silver is the more appropriate unit for purchasing a ham sandwich. You wouldn't try to buy a ham sandwich with a $20,000 bank draft either, would you?

Tue, 05/08/2012 - 11:55 | 2406867 TheFourthStooge-ing
TheFourthStooge-ing's picture


BUT, Warren "Geritol" Buffet said that it wasn't money??? huh...

You just knew that when the Oracle of Geritol and his sidekick, Sleestak Magoo Munger, were performing their choreographed piss-on-gold routine, a buying opportunity would soon present itself.


Tue, 05/08/2012 - 10:05 | 2406322 Cognitive Dissonance
Cognitive Dissonance's picture

Sounds like China is a Gold stacker. Won't those Chinese be surprised when America has all the US dollars and won't let anyone else play in their sand box.


Tue, 05/08/2012 - 11:31 | 2406761 NotApplicable
NotApplicable's picture

America is about to get rich!

Not to mention, learn the definition of nominal.

Tue, 05/08/2012 - 13:04 | 2407143 Chaos_Theory
Chaos_Theory's picture

Step 1:  Acquire all existing U.S. Dollars

Step 2:  Recycle all cocaine residue from said accumulated U.S. Dollars

Step 3:  Legalize Cocaine and Marijuana

Step 4:  July 4th 2012 Party across the U.S. with free cocaine and mary-j, rolled and smoked in said U.S. currency....problem solved for a whole day!

Tue, 05/08/2012 - 13:55 | 2407398 Jam Akin
Jam Akin's picture

Sell Drugs to China.  Get Gold back.  History repeats.

Tue, 05/08/2012 - 20:50 | 2408660 StychoKiller
StychoKiller's picture

China does NOT look back too fondly on the opium wars...

Tue, 05/08/2012 - 10:06 | 2406332 Sudden Debt
Sudden Debt's picture



Tue, 05/08/2012 - 10:05 | 2406334 New Revenue
New Revenue's picture

I guess the Chinese understand the concept of buy low....

Tue, 05/08/2012 - 14:14 | 2407479 Matt
Matt's picture

Buy low, sell never. Hoard it and back your currency with it instead. 

Tue, 05/08/2012 - 10:05 | 2406336 monmick
monmick's picture

Remember what happened the last time Ron Paul was in a hearing talking about gold?

Tue, 05/08/2012 - 10:29 | 2406443 GetZeeGold
GetZeeGold's picture



Yeah he flashed the secret silver coin.


Benny was clearly not amused by that.


Tue, 05/08/2012 - 12:32 | 2407015 viahj
viahj's picture

equity flash correction?  gotta scare the pensioners every time we talk about sound money policy.

Tue, 05/08/2012 - 10:05 | 2406337 fonzannoon
fonzannoon's picture

This miner smackdown is epic. I did not own them in 2008. Can anyone on here say how this compares?

Tue, 05/08/2012 - 10:21 | 2406410 chubbar
chubbar's picture

Valuation wise todays miners are at or below the lows of 2008 right now. Plenty of miners that are trading pretty close to cash in the bank with little or no premium given for proven reserves or infrastructure. Assuming the whole financial system doesn't collapse and the DTCC doesn't get wiped out by a mysterious virus, this is an incredible buying opportunity. This big down wave will probably be "it" before we get another 12 month bull run. Of course, I have no idea what is coming so it is still a gamble but buying them at these "cash in the bank" levels is pretty fucking low risk. I'm hoping this down move lasts another $100!

Tue, 05/08/2012 - 10:05 | 2406339 ss123
ss123's picture

What a bunch of barbarians.

Tue, 05/08/2012 - 10:06 | 2406340 bob_dabolina
bob_dabolina's picture

Warren Buffet furiously purchasing Dilly bars with both hands

Tue, 05/08/2012 - 10:07 | 2406343 sudzee
sudzee's picture

OT: Reform or abolish the FED.

Tue, 05/08/2012 - 10:07 | 2406350 SilverTree
SilverTree's picture

Thats not really OT.

Tue, 05/08/2012 - 10:09 | 2406357 francis_sawyer
francis_sawyer's picture

 "I suggest we train the lad (Private Santiago)"


~ Col Nathan Jessup 

Tue, 05/08/2012 - 10:08 | 2406346 francis_sawyer
francis_sawyer's picture

A billion Chinese... I suppose that's a lot of Au to sew into garments...

Tue, 05/08/2012 - 10:18 | 2406403 Equites
Equites's picture

Or a bullion Chinese...

Tue, 05/08/2012 - 10:09 | 2406355 ejmoosa
ejmoosa's picture

That's one way to get rid of those soon to be worthless dollars...

Tue, 05/08/2012 - 10:09 | 2406356 Jason T
Jason T's picture

First the build up their manufacturing sector .. i.e destroying the US in auto production when just 11 years ago, we made 10x as many autos as China did.. then buy up gold, then rid the US dollar.. we don't want the Ben confetti they say.  

Tue, 05/08/2012 - 10:11 | 2406361 Kaiser Sousa
Kaiser Sousa's picture

Wow...look at the fake paper sell off n both of the only REAL forms of money...AIN'T NOBODY SELLING NO FUCKING GOLD OR SILVER...
thanks for the sale U BITCH ASS BANKERS...
the jokes on who???????????that's right.......

Tue, 05/08/2012 - 10:19 | 2406404 Hmm...
Hmm...'s picture

Your post makes little sense.

First: of course people are selling gold at these prices.  Just go to

Second, if nobody is selling gold or silver, where are you buying it on sale?

Like it or not, the physical price is linked to the paper price of gold and silver... at least for now. 

Sure, at some point the link will probably collapse, but that time is not yet.  when will it happen?  I have no idea.  People have been predicting Comex failure for 2-3 years on ZH... 

Tue, 05/08/2012 - 11:35 | 2406774 NotApplicable
NotApplicable's picture

While technically, you're correct, I think KS was using the term "nobody" loosely in reference to the marginal sellers (read: not market makers) tightening up and not looking for speculative gains in fiat.

Tue, 05/08/2012 - 10:11 | 2406366 the 300000000th...
the 300000000th percent's picture

With THAT much gold you could start minting gold coins for a new currency. Hmmmmmm?

Tue, 05/08/2012 - 10:52 | 2406588 Marco
Marco's picture

What is China's M0 at now?

Tue, 05/08/2012 - 10:12 | 2406371 Dr. Engali
Dr. Engali's picture

Keep hammering the price you stupid monkey fucks, I as well as the rest of the uncivilized world appreciate the sale.

Tue, 05/08/2012 - 10:13 | 2406372 youngman
youngman's picture

Yes China and other countries will buy the real stuff....we will play with our HFT computers and shuffle paper around and high five each other for all the gold profits we made....then one day...China and whoever will announce that they have the new world currency...backed by gold....and the high five moment goes to an oh shit that paper profit turns to dust...and the run to the real metal will be futile as the markets will be closed to the Western World...and those that hold the real stuff...will be proud they stuck to their guns and did not run..and the bankers will run to the Fed to help them out again....


Tue, 05/08/2012 - 10:14 | 2406382 fonzannoon
fonzannoon's picture

and then there's a knock at the door...

Tue, 05/08/2012 - 12:39 | 2407038 viahj
viahj's picture

first of all, i don't think that "they" will give a knock on your door, they will just breach it.

second, if you're still at your official place of residence after this melt down, your metal better not be.

Tue, 05/08/2012 - 13:09 | 2407160 Chaos_Theory
Chaos_Theory's picture

Only metal that matters will have hollow points.

Tue, 05/08/2012 - 10:12 | 2406375 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Buffets would be proud. In principle...


'... be... greedy when others are fearful' (taken out of context by me)

Tue, 05/08/2012 - 10:13 | 2406379 JustObserving
JustObserving's picture

But can China print dollars like a civilized country?

Tue, 05/08/2012 - 10:13 | 2406386 monopoly
monopoly's picture

This is similar to 08. I stayed with them and well, you know the story. This appears to be the wash out again for the miners. I am in and very confident this will work out just fine....again. But no one ever said this was an easy road. But it is a true road that we take here.

Tue, 05/08/2012 - 10:16 | 2406392 agent default
agent default's picture

I take a broader view, gold down, silver down, Euro down.  So why is everybody hoarding USD today? It smells of fear of something big.

Tue, 05/08/2012 - 10:15 | 2406393 Mercury
Mercury's picture

Switzerland, call your office.

Tue, 05/08/2012 - 10:19 | 2406407 Bastiat009
Bastiat009's picture

The law of supply and demand has definitively been abolished. High demand makes price collapse these days. I will believe the market over what is reported from China. Market says sellers outnumber buyers.

Tue, 05/08/2012 - 10:36 | 2406504 mayhem_korner
mayhem_korner's picture

I will believe the market over what is reported from China. Market says sellers outnumber buyers.


If you want to believe in the market, you need to speak its language.  The good news is the "market" "speaks" with only two characters:

0 1

(I don't know if Rosetta Stone has published its binary immersion product yet)


Tue, 05/08/2012 - 10:20 | 2406408 Equites
Equites's picture

Let's face it Tyler, you too only published this article just now because it's two minutes since you renewed a superleveraged long paper gold with a 1600 stoploss position ;)  

Helping you hope 1600.01 is a perfect bounce back up

Tue, 05/08/2012 - 10:31 | 2406478 misterc
misterc's picture

As they say - Be careful, Mister Margin is a motherfucker.

Tue, 05/08/2012 - 10:29 | 2406459 Sudden Debt
Sudden Debt's picture

SLV is acting pretty strange today.

Tue, 05/08/2012 - 10:29 | 2406467 GetZeeGold
GetZeeGold's picture



Dance paper dance.


Tue, 05/08/2012 - 10:41 | 2406543 caconhma
caconhma's picture

It is working as an old Swiss clock: between 8 and 9AM, there is a major Gold price drop on daily bases.

I do not think the FED is trying to contain gold prices masking inflation. Real common people do not watch gold prices or use gold prices as an economical barometer. Gasl and food are the major inflation barometer for the overwhelming majority. Therefore, taking also into account that mass media is under control of the world Zionist banking mafia, there is no need to suppress gold prices for inflation hiding purposes.

The only other reason they might do it is that the Central Banks are buying gold.


I will appreciate to hear other thoughts.


Tue, 05/08/2012 - 14:53 | 2407640 Temporalist
Temporalist's picture

You are confusing "inflation purpose" with debasement and confidence.

If people see and start to understand what real money is again they will have more confidence in it and less in the fiat cabal's rigged casino.  Debasement is not just where most of the ZH trolls live, it is also the continuous tool that banksters use to "repay" their debt at a lower cost, which is foisted upon the general populace unbeknownst to them (most of them anyway).

That applies not just to individuals but to countries and institutions as well.

Also if the paper markets are leveraged 100:1 contracts to physical gold do you think the short sellers want the price to go up or be high if/when they have to find the physical for delivery?

Tue, 05/08/2012 - 10:56 | 2406599 sof_hannibal
sof_hannibal's picture

sew that gold into your garments bitches

Tue, 05/08/2012 - 11:37 | 2406789 hawks5999
hawks5999's picture

What's in YOUR wallet?

Tue, 05/08/2012 - 11:56 | 2406874 SILVERGEDDON

Is that a roll of Krugerrands in your pocket, or are you just happy to see me ?

Tue, 05/08/2012 - 13:29 | 2407267 besnook
besnook's picture

pound the etfs short and buy the physical looks like a winner.

Tue, 05/08/2012 - 13:33 | 2407282 The.Oracle
The.Oracle's picture

We'll see if stacking is uncivilized when all the paper bugs are knocking on doors for cans of soup ;)

Tue, 05/08/2012 - 13:56 | 2407403 robertocarlos
robertocarlos's picture

So explain to me what the Chinese will sell to us in exchange for gold when we have no gold. The Chinese have nothing we need.

Tue, 05/08/2012 - 22:11 | 2408785 DanDaley
DanDaley's picture

Won't they just come over here and buy up everything in sight with all of the mountains of dollars that they are holding -land, used cars, you name it? 

Tue, 05/08/2012 - 13:58 | 2407415 mt paul
mt paul's picture

black sheep black sheep

have you any wool

yes sir yes sir

3 bags full....

Tue, 05/08/2012 - 16:26 | 2408069 KingdomKum
KingdomKum's picture

we few, we happy few, we band of silver holders  .  .  .  




Wed, 05/09/2012 - 08:13 | 2409482 laosuwan
laosuwan's picture

China is selling dollars to buy gold and selling gold to buy oil. Therefor, China is buying oil with dollars. That is all that is going on here.

Sat, 05/12/2012 - 20:22 | 2420442 kumquatsunite
kumquatsunite's picture

If you are holding gold, you are holding the fool's bag; I'm not against gold but the traders who ran it up fast have already taken what would have been ten years worth of increases, if not for the quick hype due to the internet. It may be that the internet creates severe spikes, and those spikes have their down side. China...if the numbers are down fifty percent in shipping out goods. Consider that. Fifty percent. Gold goes first when the bill comes due to pay what needs to be paid. It looks like it's well on its way down and if you were to read old posts of mine from almost six months ago, I said that gold was going down then. We are reverting to the mean and the mean is 1990 before the stock market run-up and before the housing boom. Before we all had 100 pair of shoes:) The conservative souls will be fine; the profligate and those in unions and on welfare will hurt (as they should:) Unions who stole from the taxpayers by self-awarding are about to find themselves gutted; welfarians will be seeing the downside of being lazy and stupid; the profligate....ah yes, they will have the very hardest time...

Sun, 05/13/2012 - 23:27 | 2422674 qiongqiong
qiongqiong's picture

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