go to exchange the shanghai people are buying gold and they are taking delivery of gold and they're doing so in big numbers huge numbers and you know what it's compared to mine production or even the imports that we're saying going from hong kong to china it's overtaking or at least reaching those levels on a weekly basis is what we're saying say all that physical is being pumped out of the us is just making its way to china how much. is flowing into the crowd to say it's flowing from west to east gold market well i would say and you say you know if you're looking at the federal global production that it's nothing's meeting anywhere at any other demand anywhere else in the world so it's going to china but we've been saying they rise in imports a long time from hong kong to china say all of that gold is going into hong kong it's just being shipped instantly china people are taking to delivery of it i think in the last quarter. imports from china from hong kong is up sixty eight percent you know and last time i was on the day after we chatted the gold price fell quite significantly an

and sixty cents announce a premium spot which is the cash market in london and i'm not talking about shanghai i'm not talking about vietnam where you can get between six and one hundred dollars premiums announced i'm talking about london the global market the global marketplace because so it is a true benchmark i.e. the fix comes up this morning whatever the price is is what i can sell or buy my book in for now why as an arbitrage or why as i have a bank or a hedge fund or somebody in the profit business wouldn't i take and it's up you know up to two dollars and fifteen cents a matter of days ago but an average of a dollar sixty why wouldn't i sell two million ounces today give you money give my bullion over take up to a two million dollar profit and not wait ninety days wait the contacts about to expire i could wait less than thirty days and get my bullion back well as you said why not. because there's no confidence that these markets like the comix eleven billion mark association are going to survive another thirty days intact as we know them you know and what i what i'd be worried about is