China Gold Imports Down in October 2012

China imported less gold from Hong Kong in October, the lowest since March 2012: 47.48 tonnes.

The net imports of gold from Hong Kong to China were 47.48 - 23.6 = 23.88 tonnes. This is 23.88/47.48 =   50% of gross imports. The previous month we had 60% net imports from Hong Kong to China.

So not only did China import less gold from Hong Kong, it also exported more of its gold back to Hong Kong compared to its gross imports. Looks like China isn't interested in gold lately.

It also partly explains the drop in the gold price starting in October 2012.

Chart 1: China Gold Imports from Hong Kong October 2012