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China remains the world’s largest gold consumer in Q3’13.

Tuesday, November 19th, 2013

China bought 210 tons of gold during that third quarter as announced by the World Gold Council. It actually increased by 18% compared to Q3’12. This includes jewellery, gold bars and coins. China purchased even more gold than India. Traditionally, this latter is the largest consumer of gold but it does not seem so anymore. India bought 148.2 tons of gold which means that their consumption decreased by 32% year on year.
Demand for jewellery has been the most significant part of the global gold demand according to the World Gold Council since it registered a total of 487 tons (increasing by 5% compared to last year Q3). Global demand registered some 869 tons, decreasing by 21% over a year. However, demand remains strong in most countries and areas.

Guerre des monnaies
Does that mean that China is lacking confidence in the US dollar ? One thing for sure, China’s central bank keeps buying more and more gold for its reserves and particularly as a replacement for dollar assets. As we all know China is working on the yuan for it to be a rival to the US dollar on the long term on world markets.
Lack of confidence … should it be extended to banks ? In some countries, they are even talking about confiscating a quarter of their customers’ savings as part of a bail-in. Physical gold remains the best asset but should not be kept in banks vaults at all.

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Extr : Lingoro.com, World Gold Council & SwissAmerica.com