Hong Kong becomes Russia’s gold gateway to China as bullion flows shatter records - Kitco
Hong Kong becomes Russia’s gold gateway to China as bullion flows shatter records - Kitco
Source: Kitco
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DW NOTE
Hong Kong gold imports from Russia hit 111.5 tonnes in August — more than all of 2023 combined — as Western sanctions push Russian bullion through the only viable pathway to China. Russia can't sell to London or New York; Switzerland won't refine it; Hong Kong will. The premium China pays over London gold has averaged $40/oz this year. That's not a market inefficiency, that's the price of a sanctions workaround that no one can stop.