The Phaserl


Chinese media: “We are the Gold Consumption Super-Power.” Chinese citizens now holding over 6,000 tons

[Ed. Note: Originally published October 30, 2014. Still relevant today.]

by Dan Collins, The China Money Report:

As most informed individuals know, Gold has been dropping like a rock from its previous highs of over $1900 an ounce. This has only encouraged more buying from China, in paticular the fictional character called “Auntie Want” which represents all of those middle-aged Chinese women with money to burn that love buying real assets like houses and are gold are now being blamed for buying over 200 tons in only a few months during the summer when prices hit lows around $1,250.

Last year, in 2013, China took advantage of falling prices to import more than 1,500 tons of Gold. This is in addition to the 400 tons they produce annually which is never leaving the Mainland.

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