The gold price popped about five bucks at the open of trading in New York on Sunday night...and then didn't do much until the 8:20 a.m. Comex open the following morning. Then the price came under some selling pressure, with the low of the day coming around 12:15 p.m. Eastern time.
The tiny rally into the 1:30 Comex close, got sold off immediately in electronic trading...and the gold price closed down two bucks from Friday...at $1,728.80 spot. With volume as light as it was...around 70,000 contracts net...I wouldn't read a whole heck of a lot into yesterday's price action.
The Hong Kong government statistics show "Exports to China", "Re-Exports to China" and "Imports from China"."
"What the other analysts are doing is adding up the Exports and Re-Exportsbut not taking away the Imports to arrive at a Net Imports number."
"So Chinese Net Imports = Hong Kong Exports plus Hong Kong Re-Exportsless Chinese Imports"
"In other words China sends some of it's gold imports back to Hong Kong for further value adding before re-importing it again."
"This is a common occurrence and if you check the Hong Kong Government Statistics, you'll find lots of countries doing it."
who is manipulating the gold price ?are golf investors in risk ? we will wait and watch.
