Friday, February 18, 2011
You bet your water buffalo they are...
The following are 10 facts about gold fever in China that may surprise you....
#1 According to the World Gold Council, China consumed 579.5 tons of gold during 2010. The United States only consumed 233.3 tons.
#2 China has been importing gold at a feverish pace. In fact, China imported five times as much gold in 2010 as it did during 2009.
#3 The Chinese appetite for gold only seems to be accelerating in 2011. The Industrial and Commercial Bank of China sold approximately 15 tons of physical gold in 2010. That was a huge amount. But during the month of January alone, the bank sold approximately 7 tons of physical gold. The growth in the demand for gold in 2011 is being called "explosive" by executives at the bank.
#4 Chinese demand for gold has now risen to approximately 25% of total global production.
#5 Investment demand for gold in China soared by a whopping 70 percent during 2010.
#6 It is being projected that China’s gold investment demand will grow another 40 to 50 percent during 2011.
#7 Consumers in China and India now account for more than half of all global demand for gold jewelry and gold coins.
#8 Chinese households have purchased almost half as much gold since mid-2007 as all the investors in the West combined.
#9 On the Shanghai Gold Exchange, trading volume soared 43 percent during the first 10 months of 2010.
#10 China replaced South Africa as the number one gold producer in the world back in 2007. China's gold mines produced an all-time record 340 tons of gold last year.