Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

China Gold Demand May Double Within Decade, WGC Says

  • Print Alex Jones Show podcast Prison Planet TV Infowars store

Kyoungwha Kim
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

This article was posted: Tuesday, March 30, 2010 at 4:38 am

Infowars.com Videos:

Comment on this article

The Truth About the 'Yellow Vest' Protests See the rest on the Alex Jones YouTube channel.

The Absolute State of Britbongland See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/LCwWpENkIwA https://www.youtube.com/embed/21n-toA641c

© 2018 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.