Record gold demand.Gold Consumption UP in the Arab World !
by: stx1012004 02/01/05 11:08 am
Msg: 500149 of 500173
Well here we go again folks!
Record Gold Demand in China!
Record Gold Demdand in India!
Huge Demand for Gold In Japan and throughout Asia!
...and now it looks like the Arab World is Buying Gold with both hands!
{"Gold Consumption Up in Kingdom
P. V. Vivekanand, Arab News
SHARJAH, 1 February 2005 — Saudi Arabia’s gold consumption went up by 4.5 percent to 139 tons in 2004 from 133 tons in the previous year, and sales of the yellow metal in the Kingdom rose by 18 percent to $2.1 billion in 2004 from $1.8 billion in 2003, according to the World Gold Council (WGC) regional office in Dubai.
The WGC said the annual gold consumption in terms of tonnage in the six Gulf Cooperation Council countries saw an average increase of six percent in 2004 when compared with 2003 — from 273 tons to 290 tons.
Sales in the GCC countries rose by an average 19 percent to $4.1 billion in 2004 when compared with $3.7 billion in 2003 despite an 11 percent increase in price, said the council.
In the UAE, 96 tons of gold were consumed during 2004 compared with 88 tons in 2003. In terms of sales, the UAE posted $1.5 billion in 2004 compared with $1.2 billion in 2003, registering a 25 percent increase.
Other figures cited by the council showed that gold consumption in Bahrain was 13 tons in 2004 (12 tons in 2003) worth $197 million ($163 million in 2003); Kuwait 28 tons (26 tons in 2003) worth $425 million ($354 million in 2003), Oman 8.1 tons (7.7 tons in 2003) worth $123 million ($105 million in 2003) and Qatar 6.14 tons (six tons in 2003) worth $93 million ($82 million in 2003)."}
Meantime, Gold production will be DOWN (again!) this year something like ~5% .
Looking good for Gold Producers ehh?
BULL Steam ahead !