The Phaserl


The Development and Opening of China’s Gold Market

from Gold Silver Worlds:

First of all, let us all have a look at China’s current gold production. For seven consecutive years, gold production in China has been the largest in the world, with nearly 430 tonnes produced last year. China has the second- largest gold reserves in the world. This is the latest figure. Before that, China had been ranked third.

Next is our consumption of gold. According to the statistics compiled by Mr Zhang Bingnan, gold consumption reached 1,174 tonnes last year, and that is also the largest in the world. I slightly disagree with Mr Zhang, as I think we might have consumed even more than that. I think that it is always a good thing to have a higher figure, rather than a lower one. There are two factors supporting consumption in China’s gold market. One of them is jewellery. China has an extremely high level of jewellery consumption. Such growth in jewellery consumption shows that China’s level of consumption, as in gold consumption, is in a very healthy state. The other one would be gold bullion, as residents are now allocating gold to their asset allocation, and this volume is currently also high.

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