It’s Official: China consumed, mined and imported the most gold ever in 2013. In all three gold categories the Sino nation is Number One Worldwide. Here are details.
China has been officially crowned the world’s largest gold market for the first time in history, according to fresh industry figures. The country overtook India as the world’s largest consumer of gold in 2013, with consumer demand soaring 32 percent to 1,066 tonnes for 2013. That’s the most gold ever demanded annually by one country’s consumers in bars, coins and jewelry, topping India’s previous 2010 record of 1,007 tonnes.
China is already the world’s top producer of gold, mining 437 tonnes in 2013 on industry estimates, with the largest annual increase globally for 2013. It displaced South Africa as the world’s largest gold producer in 2007. The country also imported a record 1,108 metric tons in 2013, up 33 percent from a year ago, via Hong Kong. That’s more gold imports than any other country.
‘The impact on the Chinese gold industry of the extraordinary growth in 2013 demand has been marked, with significant growth in both manufacturing and retail network capacity,’ reads the World Gold Council’s latest quarterly demand report.
‘The gold market has really taken off in China over the last five years: from being quite small to now being the largest in the world,’ World Gold Council managing director Marcus Grubb told IBTimes in a phone interview.
Without a doubt: We ain’t seen nothing yet…as the GLOBAL GOLD RUSH IS ON…especially in China.
Recent international gold news headlines shout: CHINA To Boost Gold Reserves Amid Imbalances in Holdings HONG KONG Gold Bourse Approved to Build Vault in China SINGAPORE : New gold contract to set Singapore up as a global gold hub INDIA gold imports rocket 176%
This post was published at Gold-Eagle on September 21, 2014.
Follow on Twitter
Recent Comments