The力度 of buying gold in the Chinese mainland has quietly picked up again.
In July, Hong Kong’s net gold exports to the mainland were 56.193 tonnes, up from the previous 50.679 tonnes. In July, Hong Kong’s total gold exports to the mainland were 75.457 tonnes, down from the previous 78.147 tonnes.
With a month-on-month increase of more than ten percent, year-on-year growth is even close to 28%. If we look only at Hong Kong’s total gold exports to the mainland, the data actually shows a slight decline. However, net exports rose instead of falling. This points to a very clear one-way flow of funds: after gold flows from Hong Kong into the mainland, the phenomenon of it being sold back to Hong Kong has become noticeably less common.
Most people in the market are still focused on jewelry retail consumption, but they’re completely looking in the wrong direction. According to practical data from the China Gold Association, overall gold consumption nationwide in the first half of the year fell slightly, but the structure has split sharply—gold jewelry consumption declined by nearly 27% year-on-year, while gold bars and gold coins with very low premiums surged by 46% year-on-year. People no longer want to pay for expensive, less liquid craftsmanship and processing fees; instead, they use hard gold to hedge assets directly.
Even more hard-core data comes from central banks and the ETF side. The central bank previously completed a streak of 18 consecutive months of adding to gold reserves, and domestic gold ETFs also saw net inflows that broke the historical record for the same period. If we zoom out, the market used to attribute gold’s pricing power mainly to expectations for Federal Reserve rate cuts and arbitrage moves by macro funds in Europe and the United States. But now, strong local demand for physical gold in Asia and central bank reserve accumulation have already laid a solid layer of pricing support at the bottom.
When more institutions and individuals are willing to force-convert their devaluing fiat currency into physical gold, it sends an extremely clear signal for Web3 asset architecture: global consensus on “an absolutely scarce asset with no hedging risk” has not cooled down—instead, it is accelerating and condensing as confidence in the fiat system declines.
Within the price arbitrage range between <$BTC > BitGold and physical gold, whoever can absorb this panic-driven demand for absolute scarcity will be the ultimate receiving endpoint for the next round of capital flight.
#香港7月对内地黄金净出口56.193吨 #
In July, Hong Kong’s net gold exports to the mainland were 56.193 tonnes, up from the previous 50.679 tonnes. In July, Hong Kong’s total gold exports to the mainland were 75.457 tonnes, down from the previous 78.147 tonnes.
With a month-on-month increase of more than ten percent, year-on-year growth is even close to 28%. If we look only at Hong Kong’s total gold exports to the mainland, the data actually shows a slight decline. However, net exports rose instead of falling. This points to a very clear one-way flow of funds: after gold flows from Hong Kong into the mainland, the phenomenon of it being sold back to Hong Kong has become noticeably less common.
Most people in the market are still focused on jewelry retail consumption, but they’re completely looking in the wrong direction. According to practical data from the China Gold Association, overall gold consumption nationwide in the first half of the year fell slightly, but the structure has split sharply—gold jewelry consumption declined by nearly 27% year-on-year, while gold bars and gold coins with very low premiums surged by 46% year-on-year. People no longer want to pay for expensive, less liquid craftsmanship and processing fees; instead, they use hard gold to hedge assets directly.
Even more hard-core data comes from central banks and the ETF side. The central bank previously completed a streak of 18 consecutive months of adding to gold reserves, and domestic gold ETFs also saw net inflows that broke the historical record for the same period. If we zoom out, the market used to attribute gold’s pricing power mainly to expectations for Federal Reserve rate cuts and arbitrage moves by macro funds in Europe and the United States. But now, strong local demand for physical gold in Asia and central bank reserve accumulation have already laid a solid layer of pricing support at the bottom.
When more institutions and individuals are willing to force-convert their devaluing fiat currency into physical gold, it sends an extremely clear signal for Web3 asset architecture: global consensus on “an absolutely scarce asset with no hedging risk” has not cooled down—instead, it is accelerating and condensing as confidence in the fiat system declines.
Within the price arbitrage range between <$BTC > BitGold and physical gold, whoever can absorb this panic-driven demand for absolute scarcity will be the ultimate receiving endpoint for the next round of capital flight.
#香港7月对内地黄金净出口56.193吨 #
