Embry: China To Import A Staggering 775 Tons of Gold In 2012
November 12, 2012
Today John Embry spoke with King World News about the staggering pace of Chinese gold imports, Western central bank dishoarding of gold, the imploding global economy, which country will hyperinflate first, and mining shares. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say: “I’m very encouraged by the continued flow of the world’s gold into China through Hong Kong. The Chinese were essentially accumulating their gold by purchasing all of their domestic production, and now they are the largest domestic producer in the world.”
John Embry continues:
“But now they are buying the world’s gold at an ever-increasing rate. At this point, based on the imports through the first nine months of the year, if you pro-rated for the last three months, they would for the full year have imported a staggering 775 tons of gold.
Well, if you take that as a percentage of the non-Chinese production, that’s about 1/3 of the non-Chinese mine production that’s going into China. This wasn’t happening two years ago. So my question is, where is the gold coming from?….