China importing 2000 tons of Gold by 2016 ‘not inconceivable
China may be importing 2000 tons of gold by the time it is 2016 which would roughly be equal to 80% of the total global gold mine supply, said Standard Chartered in a report cited by Bloomberg News, noting that such a feat is not something ‘inconceivable’.
“Although it is the world’s largest producer of gold, 40 percent of its production uses imported gold in concentrates,” Standard Chartered noted.
Meanwhile gold output by China may jump 10% to 440 tons this year, China’s mining association said last week.
This development is in sharp contrast to India: the nation mined miniscule amounts of gold in 2013 YTD and has,unlike China placed curbs on gold imports. China has approved of a set of domestic ETPs in gold this month even as India has raised import duties on gold to 8%.
This may eventually lead China to surpass India in bullion consumption, China Gold Association said last week.