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China's gold imports jump as country may become biggest user

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China's gold imports jump as country may become biggest user

Post by Dirtbikepilot on Tue May 08, 2012 2:24 pm

Mainland China's gold imports from Hong Kong surged more than sixfold
in the first quarter, adding to signs that the country may displace
India as the world's largest consumer of the precious metal on an annual
basis.

Imports from Hong Kong were 135,529 kilograms (135.53 metric tons)
between January and March, from 19,729 kilograms in the year-earlier
period, according to data from the Census and Statistics Department of
the Hong Kong government. Shipments in March rose 59 percent from
February, yesterday's data showed.

Demand has climbed in the world's second-largest economy as rising
incomes and curbs on property speculation boosted purchases. China may
become the biggest user annually this year, according to a forecast from
the producer-funded World Gold Council. Last year, total Indian demand
including for jewelry and investment was 933.4 tons to China's 769.8
tons.
Report continues here.
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Re: China's gold imports jump as country may become biggest user

Post by fukushima on Wed May 09, 2012 2:35 pm

Interestingly I was reading that chinas gold burchases have slowed. Abbarently they atre broducing more domestically to satisfy a greater bart of their needs.

Isn't China the worlds largest gold producing country? I am also led to believe that none of the gold mined in China is allowed to leave its shores.
So we have the biggest producer in the world keeping all heir gold and they are also buying. From what I have read they encourage gold ownership
by the people. You can walk into the bank and buy gold bars or just buy them from the gold dealers that are as common there as jewelry stores are
here. Only what I have read, haven't been there. So even if there burchases have slowed they are still probably buying unimaginable amounts from other countries
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