Is China Hoarding Gold In Anticipation Of A Global Financial Implosion? 10 Facts About Gold Fever In China That May Surprise You
China officially has gold fever. Chinese demand for gold in 2011 is being called “explosive” and “voracious”. China imported five times as much gold in 2010 as it did in 2009, and this year gold sales in China are projected to easily set another new all-time record. China produces more gold than any other nation on the planet and last year the Chinese consumed more than twice as much gold as Americans did. Yes, the Chinese are officially in love with gold. But why is that? Is it because they are concerned about inflation? Is it because the Chinese are losing faith in paper currencies? Are the Chinese looking to diversify? Has gold become a “trendy” status symbol in China? Or is something else going on here?
Whatever the reason, China sure is accumulating a whole lot of gold. In fact, China now gobbles up 25 percent of all global production. The Chinese government is steadily increasing their stockpiles of gold, and the Chinese public seems to be absolutely in love with gold right now. At this point, financial authorities are projecting that Chinese demand for gold will continue increasing at a very brisk pace for quite a few years to come.
Most Americans simply don’t understand how big of a player China has become when it comes to precious metals. China is not only gobbling up gold, it is also voraciously buying up silver as well. The truth is that there seems to be a lot more interest in precious metals over in Asia right now than there is in either North America or Europe.
The following are 10 facts about gold fever in China that may surprise you….