China has more gold than reported
Duncan Richardson, News Editor
10 Apr 2014, 10:37 a.m.
Research undertaken by gold analyst, Alasdair Macleod, suggests China may have more gold than was previously thought. The China Gold Association (CGA) informed markets that the Asian superpower consumed 1,176 tonnes of gold in 2013. The figures released by the (CGA) excluded all the gold mined and recycled in China which is thought to increase the consuption figures by a further 500 tonnes.
On the other hand, Alasdair Macleod believes China Actually consumed 4,843 tonnes in 2013. His revised figure is based on data from Chinese gold reports which details the actual amount of gold vaulted.
Macleod’s views are also supported by Martin Arnold, research analyst at ETF Securities. “The evidence suggests that China is a very big consumer of gold with a gap in reporting for the last several years. It does point to some build-up of stocks.”
In 2013 China over took India as the world largest consumer of gold.