Report: China Could Be on Verge of Gold Buying Boom

by Frik Els

On Tuesday gold continued to trade sideways with December futures trading on the Comex market in New York exchanging hands at $1,270.50 an ounce. While down more than $100 an ounce from two-year highs touched in July, year to date the metal is still managing gains of nearly 20%, one of its best annual performances since 1980.

Gold’s run-up in 2016 is largely thanks to investors in developed markets snapping up tonnes in listed physically-backed gold ETFs and large-scale speculators on gold derivatives markets placing record-setting bets on a higher gold price (although that trend’s moved into reverse recently).

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