The World Gold Council believes China's central bank made significant gold purchases in the final months of 2011, contributing to a surge in the country's imports.
Marcus Grubb, managing director for investment at the WGC, a lobby group for the gold mining industry, told the Financial Times that buying by the People's Bank of China could explain a large discrepancy between Chinese imports and the WGC's estimates of consumer demand in the country.
"There is absolutely a discrepancy in the import figures," said Marcus Grubb. "The obvious inference is that the central bank is buying."
This story showed up in the Financial Times yesterday...and is printed in the clear in this GATA release...and the link is here.
