China now takes nearly all world gold production
China's annual non-government gold consumption has been officially confirmed as having reached 2,000 tonnes, gold researcher and GATA consultant Koos Jansen reports. That figure is close to annual world gold mine production.
The figure, Jansen writes, was repeated several times by the chairman of the Shanghai Gold Exchange, Xu Luode, in an address to the London Bullion Market Association conference in Singapore in June.
Xu's disclosure confirmed Jansen's longstanding formula for calculating Chinese gold demand, repudiated the World Gold Council's longstanding and gross underestimation of that demand, and calls into question all reporting about Chinese gold demand by mainstream Western financial news organizations.
One wonders how much more gold disappears into the reserves of the People's Bank of China every year? Whatever amount it is, it's far from inconsequential. Jansen's commentary is headlined "SGE Chairman: 2013 Chinese Gold Demand Was 2,000 Tonnes" and it was posted on the Singapore website bullionstar.com at 6:23 p.m. on their Friday evening. It's a must read for sure---and I found it over at the gata.org Internet site on Saturday.
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