The Gold Rush is On

A meaningful divergence in trade statistics has revealed a⁣ massive flow of gold from ​Canada to China in 2024. Chinese⁤ customs data indicates imports of ⁤$25 billion in raw gold, a figure ⁤dramatically higher than the $1.9 billion reported by Canadian authorities. this discrepancy isn’t due to inaccurate reporting, but rather⁤ a difference in how‍ each country tracks⁣ the⁢ precious metal’s journey.

According ⁣to reports from the Globe and⁢ Mail,⁢ much of the ⁤Canadian gold is initially routed through London and new York before reaching its⁤ final‍ destination in China.⁢ canada, therefore, records these transactions as exports to the US and the​ UK, while⁢ China⁢ tracks the ‍gold’s origin.