Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

 

Search Gold Prices
Gold Price
[Most Recent Quotes from www.kitco.com]
Our RSS Feed

Gold Updates by Mail

Enter your email address:

Follow Us on Twitter
« Agnico Eagle Mines Ltd: A high Flyer! | Main | GOLD: Inverse movement to the US$ or a breakout? »
Monday
Dec042006

Chinese gold consumption to rise considerably

According to a report by Bloomberg China could increase its gold demand by as much as 17% in the coming year. This figure apparently comes from Cheng Fumin the President of the China National Gold Group Corporation.

Chenfumin

The Chinese demand for gold bullion is expected to rise form 300 tons to 350 tons this year. Here at gold-prices we think that these estimates are on the conservative side and expect the new Chinese middle classes to take a far greater interest in gold than any of the gold analysts are predicting.

The Chinese government have their own reasons for sitting on a pile of dollars but our feeling is that the private investors will think and act differently.

President Fumin has also indicated that China's gold production may rise by more than 10% next year, which once again leaves a void to be filled. This can only be good for investors in gold mining stocks. We will monitor this situation closely.

04 December 2006

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>