“China’s demand for gold jumped 20% to 294 tonnes in the first quarter of 2013, while global gold demand overall slid 13% thanks to the dramatic rotation of demand from paper to physical. Central banks added 109.2 tonnes of gold to their reserves in Q1 2013, the ninth consecutive quarter of net purchases. But it was the Q1 ETF outflows of 176.9 tonnes, equating to a 7% decline in total gold ETF holdings that obscured the strong rise in investment for gold bars and coins at the retail level. In the face of the huge ‘paper’ gold ETF outflows, ‘physical’ gold demand surged to its highest in 18 months.”
http://www.zerohedge.com/news/2013-05-16/gold-demand-one-chart-physical-vs-etf
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