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Chinese gold demand reaches a 2199 tonnes in 2013

Duncan Richardson, News Editor
23 Oct 2014, 10:25 a.m.

According to official data Chinese wholesale gold demand reached a staggering 2,199 tonnes in 2013. The data was documented in the China Gold Association’s 2014 gold year book.

Bullion imports attributed to 1507 tonnes, domestic mine production contributed 428 tonnes and 17 tonnes was imported from overseas mines. Scrap gold data was omitted form the report but analysts estimate this to be in the region of 250 tonnes.

1,500 tonnes of imported bullion came from Switzerland in the form of 1 kilogram bars.

China’s gold data is not a secret but they have tried to hide the data as much as possible. Many industry insiders are questioning why the Western media have failed to report these findings.

It should be noted that these figures do not include gold bought by Chinese government agencies. China last reported their gold reserves in 2009, stating their official reserves stood at 1,054 tones. However, many analysts believe that China’s official gold reserves could be as high as 8,000 tonnes.

View original source at: www.bullionstar.com

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