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Alasdair Macleod: China is taking far more gold than Western analysts think
5:17p ICT Friday, April 4, 2014
Dear Friend of GATA and Gold:
GoldMoney research director Alasdair Macleod today provides his most exhaustive analysis yet of China's gold demand and concludes that it is far greater than estimated by Western analysts and than what the Chinese government itself wants known -- so great as to make futile Western efforts to control the gold price.
Macleod concludes: "For much of 2013 commentators routinely stated that Asian demand was satisfied from exchange-traded fund redemptions. But ETF sales totaling 881 tonnes covered only one quarter of the West's shortfall against China, the rest coming mostly from central bank vaults. Anecdotal evidence from Switzerland is that the four major refiners have been working round the clock turning LBMA 400-ounce bars into 1-kilo .9999 bars for China. They are even working with gold bars that are battered and dusty, which suggests that the West is not only digging into deep storage to satisfy Chinese demand at current prices, but digging a hole for itself as well."
Macleod's commentary is headlined "Renewed Estimates of Chinese Gold Demand" and it's posted at GoldMoney's Internet site here:
http://www.goldmoney.com/research/analysis/renewed-estimates-of-chinese-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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