China Goes Ga-Ga For The 'Barbarous Relic'

"Outflows of gold from ETFs amounted to 24.3 million ounces, nearly 700 metric tonnes, in 2013 from their peak at the end of 2012. Much of this gold was taken out of ETF holdings in London and shipped to refineries in Switzerland, where it was melted down and made into kilogramme bars, then sent to Hong Kong and ultimately to China. Imports from Hong Kong to China totaled 26.6 million ounces or 754 metric tonnes through September alone."