Thursday, February 7, 2013

China the Largest Producer and Consumer of Gold

According to data produced by Bloomberg gold imports from Hong Kong jumped by 94 per cent to 834.5 tonnes in 2012 with a monthly record of 114.4 tonnes in December. China is also the world’s largest gold producer but that has not been enough to satisfy its ravenous appetite for the yellow metal.
Where do we go from here? Will the Chinese consumption of gold double again this year? Will it impact on the gold price? Well the trend is definitely up and not down and China is likely to get its first gold ETFs this year.

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