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4x4on Apr 10, 2013 7:09pm
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Another interesting blurb from Kitco...
Another interesting blurb from Kitco... Market Nuggets: TD Securities: Data Shows Chinese Saw Gold Pullback As Buying Opportunity
Wednesday April 10, 2013 2:53 PM
Data out of Hong Kong shows China viewed a gold pullback this year as another buying opportunity, says TD Securities. The data show that 72 metric tons of the metal that came into Hong Kong was re-exported directly to China without altering or processing. "This is just below the December record high of 89 tons, bringing the total tonnage to 272 tons in just the four months from November 2012 to February 2013, and corresponds to a slide in prices from $1,740/oz to $1,560/oz," says Mike Dragosits, commodity strategist. "The pattern certainly displays an even greater demand for gold by China during price pullbacks, aside from the general uptrend in demand following the 2011 major rally in gold prices. It appears to us that China's demand for gold has not wavered in the face of all the negativity in the market surrounding the end to the gold bull run and continues unabated during price pullbacks