From CoinWeek
''A number of so-called experts are proclaiming that gold’s price is in a bubble that has burst. However, actual market activity signals that demand for physical gold is draining available supplies.
In the first five months of 2012, at least 315 tons (10.1 million ounces) of gold had been imported into China. This quantity exceeds one-third of all global newly mined supplies during that time. The actual quantity is almost certainly higher as the Chinese government has a habit of not reporting all of the gold it adds to its reserves until several years later.
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