Chinese Banks And 100,000 ‘Outlets’ Selling Gold – Demand To Surge Another 25%

Tuesday, April 22, 2014
By Paul Martin

GoldCore
GoldSeek.com
Tuesday, 22 April 2014

Geopolitical tensions over Ukraine have yet to lift gold’s safe-haven appeal. An international agreement to avert wider conflict in Ukraine appears to be faltering which should support gold.

Pro-Moscow separatists show no sign of surrendering government buildings they have seized. U.S. and European officials say they will hold Russia responsible and will impose new economic sanctions if the separatists do not clear out of government buildings they have occupied across swathes of eastern Ukraine over the past two weeks.

Thus, the real risk of the toxic combination of economic, financial and currency wars loom large.

Chinese Banks And 100,000 Dealers Selling Gold – Demand To Surge Another 25%
Bloomberg Television’s “On The Move Asia” had a fascinating interview with Albert Cheng, the World Gold Council’s Managing Director, Far East. He discussed China’s gold market and what’s driving the country’s demand with Rishaad Salamat.

Since 2003, we have pointed out how China’s liberalization of its gold market would have enormous ramifications for the global gold market in terms of a huge new source of demand and would ultimately lead to higher prices in the long term.

Bloomberg interviewed Goldcore nearly two years ago in May 2012, about the huge growth in demand in Asia and particularly China, and we commented that this Chinese demand was a ‘paradigm shift’: “We could be witnessing a paradigm shift from China on bullion demand.”

We pointed out “that the gold market was liberalised in China in 2003 and prior to that gold ownership was banned in China by Chairman Mao. The per capita consumption of 1.3 billion Chinese consumers, investors and central bank demand are very significant.” Please click here to listen to the interview on the paradigm shift that is Chinese gold demand.

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