Open menu Close menu Menu
Open charts menu Close charts menu Charts

Call us: 0121 634 8060, 7 days, 7am - 10pm

Free Insured Next Day Delivery

Ounce Gram
Gold £1244.48 £40.011
Silver £14.198 £0.4565

Updated 20:22 19/02/20

£ $

UK gold exports to China rise by 280% to an estimated 280 tonnes


Peter Walden, News Editor
13 Nov 2015, 2:51 p.m.

According to the latest data release form Eurostat in the month of September 37.6 tonnes of gold was exported from the United Kingdom to China. Year to date 280 tonnes of gold have left these shores for China, whilst 70 tonnes have been imported into the UK. The movement of gold from west to east is accelerating and is not being reported by the mainstream media.

Prior to 2014 all gold leaving the UK for China was first shipped to either Switzerland or Hong Kong, presumably for refining and then shipped to mainland China. This process has now slowed with gold exports to Switzerland down 0.3% in September.

For centuries London has been at the centre of the world’s wholesale bullion market and there is an estimated 6,256 tonnes of gold stored in London. 5,134 tonnes are believed to be stored in the vaults of the bank of England, of which 3,779 are owned by foreign central banks and the remainder by financial institutions and wealthy individuals. Of the remaining 1,122 tonnes vaulted in London 1,116 tonnes are owned by ETF’s.

So the questions remains, whose gold is being exported to meet Chinese demand? Is it Central Bank gold or are exchange traded funds being raided?

View original source at: www.bullionstar.com

comments powered by Disqus