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Koos Jansen: Unprecedented high gold demand in China in 2013
Price suppression was evident, and China was its primary beneficiary.
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9:54a ET Saturday, January 4, 2014
Dear Friend of GATA and Gold:
Gold market researcher and GATA consultant Koos Jansen today reports final Chinese gold demand figures from 2013: unprecedentedly high and possibly surpassing world gold production for the year, with the flow of metal into China draining the Western gold exchange-traded fund GLD.
Jansen summarizes: "2013 has been a spectacular year, wherein the pice of gold fell 29 percent but Chinese gold demand has been unprecedented and may have reached, People's Bank of China purchases included, over 2,500 tons, exposing a disparity between the gold price set by derivatives and supply and demand for the underlying good. The divergence strongly hints at price manipulation, of which the Chinese would have been the largest beneficiaries. China has $3.5 trillion in foreign exchange (of which at least $1.7 trillion are denominated in U.S. dollars) and is aware that the United States is forced to devalue its currency, evaporating China’s reserves. For this reason China has a strong incentive to diversify away from the U.S. dollar into gold. Hence the enormous physical gold purchases in 2013."
Jansen's report includes some great photographs and charts, is headlined "Unprecedented Total Chinese Gold Demand in 2013," and is posted at his Internet site, In Gold We Trust, here:
http://www.ingoldwetrust.ch/unprecedented-total-chinese-gold-demand-2013
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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