Gold Bullion Imports Into China Surge 61% From 8 Year Low To 13 Tonnes

www.zerohedge.com

◆ Gold is 0.6% lower today at $1,497/oz and appears headed for a 1.1% fall this week after a 2% gain last week
◆ Gold looks set for a near 2% loss in September which will encourage bargain hunters buying on weakness; The dollar remains near multi-week highs despite poor U.S. economic data of late and the political turmoil in the U.S.
◆ Heightened risks from political tensions to the U.S-China. trade war are being ignored for now but are impacting the global economy and leading to  safe haven demand

◆ China’s net monthly gold imports via Hong Kong in August surged nearly 61%, after falling to their lowest in more than eight years in July, the Hong Kong Census and Statistics Department data showed yesterday
◆ Gold and silver frequently see weakness at quarter end which continues in the very early part of the following quarter; we are likely seeing this again as large players “paint the tape” and hedge funds and banks take profits on their long positions
◆ Palladium is set for an eighth straight weekly gain and remains near all time record nominal highs; platinum is poised for its worst week in two months