China becomes top gold consumer in 2013

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China has overtaken India as the world’s largest gold consumer thanks to soaring purchases of jewellery, minted Panda coins and small gold bars. According to the Thomson Reuters GFMS gold survey, the most widely followed report on the industry, Chinese demand reached 1,189.8 tonnes last year, a 32 per cent year-on-year jump and a fivefold increase since 2003. Its hungry factories and mushrooming cities had already made China the number one global consumer of industrial metals such as copper, aluminium and zinc. The frenetic buying of gold in China, which led to a temporary shortage of physical stocks, was sparked by the 28 per cent fall in the precious metal’s price last year, the worst performance in more than three decades. Following a 12-year bull run, gold lost its lustre in Europe and North America as economic conditions improved and the prospects of inflation receded. Western investors dumped gold-backed exchange traded funds in 2013, with holdings falling by 880 tonnes. A simultaneous “Asian-led buying frenzy”, with consumers chasing bargains, resulted in gold bars being removed from vaults in Europe and other markets, melted into smaller bars in Swiss refineries, and shipped to the East. GFMS described the flow as the “largest movement of gold, by value, in history”. More
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3 Responses to China becomes top gold consumer in 2013

  1. Why not? The West sold off their gold (Especially the UK) a long time ago. To who? Anyone they could for a fast buck.

  2. J L says:

    China and India we know are aligned.   They are buying up all the gold. Because, they are the Anunaki, and don’t want humans as slaves.  So, that means the US are the Reptilians for sure, and want us as slaves.  It has been said that the gold is all gone at Ft. Knox.  We have exhausted all of ours and given to the Aliens…..  for what?  Protection?  This trade was for something…… Interesting new times with so much going on in the sky, and the war around us that no one even is aware of! 

    Be kind whenever possible. It is always possible. – Dalai Lama –

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