http://www.ingoldwetrust.ch/sge-withdrawals-equal-chinese-gold-demand-part-3
On April 4, 2014 Alasdair Macleod published an extensive analysis
on the Chinese gold market. I felt obligated to respond to it by
sharing my point of view and explain where I disagree with his analysis.
I think his estimates are largely overstated because he double counts
certain demand categories. He states Chinese gold demand in 2013 was
4843 metric tonnes, according to me it was 2197 metric tonnes (my
estimate excludes some hidden demand and PBOC purchases on which I have
no hard numbers). Setting out our differences was incidentally a good
occasion for me to write another in-depth analysis on the Chinese gold
market.
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