INDEPENDENT VIEWPOINT

Strong Chinese gold buying buoys bullion's appeal

Gold traders are the most bullish they have been in two months after data indicated that China imported record levels of gold from Hong Kong

Author: Nicholas Larkin (Bloomberg)
Posted: Friday , 13 Jan 2012

LONDON (Bloomberg) - 

Gold traders are the most bullish in two months after mainland China imported the most metal ever from Hong Kong and investors bought U.S. bullion coins at the fastest pace in more than a decade.

Eighteen of 23 surveyed by Bloomberg expect the metal to gain next week, the highest proportion since Nov. 11. Mainland China imported almost 102.8 metric tons in November, valued at about $5.5 billion, trade data on Jan. 11 showed. The U.S. Mint said it sold 82,500 ounces of American Eagle gold coins in the first 11 days of January. Full-month sales would reach 235,000 ounces at that pace, the most since 1999. For the full story click here