FORGET - for the moment - Egypt and safe haven buying
This from Robin bromby (The Australian) http://www.theaustralian.com.au/busi...-1226000069703
"Look at Chinese gift giving if you want to see a trend that is going to propel gold demand and price.
It’s traditional at Chinese New Year to give presents of cash in red envelopes. No doubt millions (maybe even a billion) of Chinese still did that this time. But the reports from Beijing say many have switched to giving small bars of gold instead. Apparently the gold dealers produced small bars engraved with a rabbit image, which seems a great marketing idea. Anyway, the news is that dealers were largely cleaned out of stock
.
China is now gaining on India as the world’s leading gold importer. The astonishing factor about this development is that China is also the world’s leading miner of gold. That tells you something about the head of steam the yellow metal has built up with the Chinese; after all, in normal times one of the biggest producers would also be one of the leading exporters just as South Africa and Australia have been."