Nippon Steel not to import from overseas mills in bid to save US Steel deal
Nippon is looking to close its $14.9 billion deal for US Steel by the end of the year.
Chinese gold demand is considerably higher than widely assumed and disclosed, particularly when it comes to data provided by the World Gold Council (WGC), researcher and consultant for the Gold Anti-Trust Action Committee (GATA) Koos Jansen said Friday.
Writing for the BullionStar.com, he argues the omissions and inadequacies of the WGC reports on China’s gold demand are far larger than what the body would let the world see.
Taken from “Understanding China’s Gold Market“
According to the organization, the nation’s gold consumption plunged 52% to 192.5 tons in the second quarter from a year earlier as buyers purchased fewer bars, coins and jewellery amid a clampdown on corruption. As much as 1,000 tons of gold may have been used in financing deals in China, the WGC said in April.
Jansen says gold demand from the Asian giant that can actually be documented, almost surely does not include all the gold being purchased secretly by the People’s Bank of China.
You can read his full column here.
