China Eases Gold Restrictions

According to Zero hedge china is easing restrictions on gold purchasing and instead allowing a few bank to purchase gold to help ease the price of premiums as they have imported over 1000 tons of gold in 2013

this is a signal of strength for the Chinese people do forget there will be a china town near you coming soon!

Gns+Gns+Research/Research


http://www.zerohedge.com/print/483768 

As India continues its anti-gold stance (and does nothing but drive the undergound smuggling business), China is continuing its opening of the world's biggest physical bullion market. As India's Economic Times reports [8], China has granted licenses to import gold to two foreign banks for the first time. "China is actually increasing its transparency," noted on analyst, allowing more banks to import gold could increase the supply of the metal into the country, easing local prices that are higher than in most Asian nations (premiums are currently about $15 an ounce over London prices, compared to less than $2 in Singapore and Hong Kong). They rose to a record high of $30 in April-May last year. "This is the first step that the regulators are taking to ensure that its [physical] gold futures contract in the free-trade zone can take off."

The move also comes as the SGE plans to launch gold futures in the city's pilot free trade zone this year that would be open to foreign investors.

"China will need to allow more foreign players into the physical gold market if it's planning to have foreign investors participate on its gold futures," said one of the sources.

"This is the first step that the regulators are taking to ensure that its gold futures contract in the free-trade zone can take off."