We just presented at a conference in Beijing and whilst we write regularly of the data coming out about China’s insatiable appetite for gold (last month’s figures just came out by the way with another 113t imported!) it is not until you talk to them that you really understand how unanimously deeply rooted and logical this desire is. They think about long term preservation of wealth and have the benefit of watching ‘remotely’ the mess the West is making of the global economy with its money printing and toxic debt. To them it is simple. Gold is real MONEY and 1.35b of them want it... Another presenter on commodities in general showed a graph that puts us at the lower end of the historically repeated cycle with the very strong view, backed by some compelling data, that we will not see the end of this secular bull run on gold and silver until 2020.