Gold Bullion Bars
Thursday, October 18, 2012
China buying up Australia's Gold Bullion exports
Gold has soared past coal as Australia's second most valuable physical export to China, with sales up a whopping 900% for the first eight months of the year, bringing in $4.1 billion. Chinese buyers are hoarding the precious metal amid a slowing economy, property-buying restrictions and uncertain financial markets as its central bank increases its holdings.
The unprecedented jump in gold sales, along with continued acceleration of export revenues for other commodities led by coal -- up 80% to $4bn -- caused total exports to China to rise by 10.7% for the year to August, according to Australian Bureau of Statistics figures. Shipments of Australia's biggest export, iron ore, were up 20% for the same period but the total value of $26.9bn was down 5% compared to last year, because of the mid-year price slump. China's foreign currency reserves of gold are low and its move to build them up will provide an important base demand for gold, analysts said. More information can be found online at http://www.goldbullionadvisors.com
Posted by Richard Davey at 5:46 AM
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Richard Davey Consultants to the banking industry to supply gold bullion http://www.goldbullionadvisors.com View my complete profile
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Published on Nov 13, 2012