re: Ann: Mineral Reserve & Resource Update Au... Demand has indeed picked up in China. 113 tonnes in June is a whopping 1356 tonnes anualised. That’s half the annual global production soaked up by just one country. In fact if you deduct the 370 tonnes produced in China which stays in China, rest of world production is 2330 tonnes so China is importing almost 60% of rest of world global production. They may drop off from the June numbers or they may not but that is incredible demand. It looks like they are now comfortably passing India as the largest consumer. At this rate of consumption, between China and India there will be nothing left for the rest of the world from mine supply. What happens to the price when these ETF’s and or Western central banks stop selling?
Market Nuggets: HSBC: Chinese Gold Demand To Cushion Any Price Declines
Wednesday August 7, 2013 7:58 AM
China's gold demand is likely to remain elevated with prices below $1,300 an ounce, says HSBC. China's gold imports from Hong Kong increased to 113 metric tons in June from 68 in the same month last year, according to the Hong Kong Census and Statistics Department. On a net basis after exports, China's gold imports from Hong Kong totaled 101 tons in June, more than double 40 in June of 2012. The demand remained high in June as gold fell below $1,200 near the end of the month from around $1,400 at the start, HSBC says. "While the pickup in physical demand in China has helped put a floor to prices, physical buyer's reaction to gold's price plunge in June does not appear to be as feverish as it was during gold's earlier price rout in mid-April," the bank says. "More recently, gold's price break below USD1,300/oz during the early trading session coincided with an increase in bullion's premium on the Shanghai Gold Exchange to USD23/oz from USD19/oz a day earlier. Gold imports in China are likely to remain at historically elevated levels in the near term, in our view, and will cushion further declines."
http://www.kitco.com/news/2013-08-07/kitcoNewsMarketNuggets20130807-kitco-market-nugget.html
In 2012 world gold production reached 2,700 tonnes of gold (USGS) – slightly higher than production in 2011. China was the world’s largest gold producer in 2012 with 370 tons produced.
http://www.au-wire.com/world-gold-production-by-country-in-2012-the-top-8-countries/
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