Gold Bullion Demand In ‘Chindia’ Heading Over 2,000 Tons Again
By: GoldCore
GoldSeek.com
Thursday, 6 August 2015
Shanghai Gold Exchange deliveries at 73.289 tonnes last week
3rd largest week of gold withdrawals ever on SGE
Both China and India heading for over 1,000 metric tonnes in 2015 … again
India imports 96.1 tonnes in May alone
‘Chindia’ imports 296.55 tonnes in May – 14% greater than global production
South Korean gold demand surges in wake of Chinese crash
Asian and global gold demand robust contrary to anti-gold narrative
The recent lower prices in gold have not deterred investors internationally from buying gold coins and bars in large volumes again. Indeed the Perth Mint and the US Mint are struggling to fulfill demand for gold coins and bars.
This is particularly the case in the eastern hemisphere – especially in India and China – where demand has again increased significantly on price weakness.
Between them, these two countries are on-track to import 2,000 tonnes of gold this year – that is more than two thirds of the total annual global gold mine production, which is set to be about 2,800 tonnes this year.
The Shanghai Gold Exchange, which deals exclusively in physical bullion, saw buyers take delivery of over 73 tonnes of gold last week, the third largest withdrawal on record. This follows two weeks of steadily increasing demand as investors pull or attempt to pull money out of the Chinese stock market.
Demand out of China is on track to surpass last year’s official figure of 974 tonnes and may reach 1,000 tonnes this year. Chinese demand has been steadily growing, with the encouragement of the government. The ban on gold ownership imposed by Chairman Mao in 1949 was lifted in 2003.
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