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China Gold Demand May Double Within Decade, WGC Says

Posted By admin On March 30, 2010 @ 4:38 am In Money Watch | Comments Disabled

Kyoungwha Kim
Bloomberg [1]
March 30, 2010

Gold consumption in China may double within the next 10 years, boosting prices as supplies fail to keep pace with booming demand from investors and the jewelry industry, the World Gold Council said.

“China has an insatiable appetite for gold, which looks likely to continue in an environment where domestic mine supply lags behind demand,” the council said in a report today.

China’s economy grew 10.7 percent in the fourth quarter from a year earlier, the fastest pace in two years, after a 4 trillion yuan ($586 billion) stimulus package spurred record lending and consumption. The world’s biggest gold producer has increased reserves by 76 percent to 1,054 metric tons since 2003 and has the fifth-biggest holdings by country, Hu Xiaolian, deputy governor of the People’s Bank of China, said in April.

“An uptick in China purchases could bring an impetus back to the gold market,” said Hwang Il Doo, Seoul-based senior trader with KEB Futures Co, by phone today. “Given China’s currency reserves and rising wealth, the impact from their buying on prices will be powerful, although it may take time.”

Full article here [1]

China Gold Demand May Double Within Decade, WGC Says  220310banner1 [2]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=a8CCW9Gzgt4s&pos=7

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[3] China Increases Gold Reserves 76% to Fifth-Largest: http://www.prisonplanet.com/china-increases-gold-reserves-76-to-fifth-largest.html

[4] “Uncivilized” China Quietly Building Gold Reserves As Gold Imports From HK Soar By 587% In First Quarter: http://www.prisonplanet.com/uncivilized-china-quietly-building-gold-reserves-as-gold-imports-from-hk-soar-by-587-in-first-quarter.html

[5] Jim Rogers: Gold Price to Double in Coming Months: http://www.prisonplanet.com/jim-rogers-gold-price-to-double-in-coming-months.html

[6] Chinese Demand For Gold “Explosive”: http://www.prisonplanet.com/chinese-demand-for-gold-explosive.html

[7] China Becomes World’s Larest Gold Buyer – Buys 93.5 Tonnes Of Gold Coins / Bars in Q1 – Gold Ownership Rising From Miniscule Levels: http://www.prisonplanet.com/china-becomes-world%e2%80%99s-larest-gold-buyer-buys-93-5-tonnes-of-gold-coins-bars-in-q1-gold-ownership-rising-from-miniscule-levels.html

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