Strong imports continue in China

Official figures just released for May show that China continues to buy record levels of physical gold bullion.  In May alone they imported 108t of gold, the second highest ever, and as we continually remind they are also one of the world’s biggest producers  - and they keep it all.  In fact at this rate their consumption would account for around 50% of global production.  Keep in mind these are production estimates set before the price fell below a lot of mine’s profitable thresholds so could well be substantially less in reality.  On any account, this must be future market making demand…