As you know, we follow China’s gold market fairly closely because China is one of the biggest drivers in gold prices. The usual picture is that the majority of gold flowing into China comes through Hong Kong. That’s changed a bit in recent years, with Shanghai becoming more of a factor.
But mentally, it’s similar as Shanghai is, after all, “really close” to China. Reports out of Hong Kong reveal that China also buys significant amounts of gold from Switzerland. And, they’re ramping up gold imports from Switzerland – up 38% last year to 431 tonnes of gold. That’s quite a lot in anyone’s book!