China on Pace to Be Biggest Buyer of Gold, Commodity Report by Leading Financial Newsletter Profit Confidential

Share Article

According to Michael Lombardi, lead contributor to Profit Confidential, gold bullion imports from Hong Kong into mainland China increased 600% in May 2012 when compared to May 2011. Lombardi asserts that China is set to take the lead from India as the largest purchaser of gold bullion in 2012.

China on Pace to Be Biggest Buyer of Gold, Commodity Report by Leading Financial Newsletter Profit Confidential

China on Pace to Be Biggest Buyer of Gold, Commodity Report by Leading Financial Newsletter Profit Confidential

As of a few years ago, China banned the export of its gold bullion, Lombardi reports: “The country had the capacity to pull roughly 390 tons of the yellow metal out of the ground, but has kept it all for itself.”

Past News Releases

RSS

According to Michael Lombardi, lead contributor to Profit Confidential, gold bullion imports from Hong Kong into mainland China increased 600% in May 2012 when compared to May 2011. Lombardi asserts that China is set to take the lead from India as the largest purchaser of gold bullion in 2012.

In the article “China to Become World’s Biggest Buyer of Gold in 2012,” Lombardi estimates that China will buy at least 870 tons of gold bullion in 2012.

“Just to give an idea of how large these purchases of gold bullion are, in the first five months of 2012, China has imported over 300 tons of gold bullion from Hong Kong,” says Lombardi. “Just isolating this number alone would put China as the 17th largest holder of gold bullion in the world.”

As of a few years ago, China banned the export of its gold bullion, Lombardi reports: “The country had the capacity to pull roughly 390 tons of the yellow metal out of the ground, but has kept it all for itself.”

Lombardi notes that one of the factors holding the price of gold down is India.

“India’s currency, the rupee, has fallen in value, hiking up the price of gold within the country,” explains Lombardi. “With the currency off over 10% from last year’s levels when compared to the U.S. dollar, it is now more expensive for the consumer in India to buy gold bullion.”

Besides China and India, Lombardi thinks many other central banks around the world are increasing their holdings of gold bullion, making it only a matter of time before the price of gold reflects the strong demand.

Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market...before it plunged.

Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.

To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.

Profit Confidential is Lombardi Publishing Corporation’s free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.

Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi’s current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Michael Lombardi
Follow us on
Visit website