Gold demand in mainland China could outstrip India
20-Jul-2010Full-year 2009 private demand in mainland China could outstrip India, the former No.1 buyer, by one quarter if not one third. Short of a (very unlikely) collapse in Q4 demand, full-year private gold buying - including jewelry and retail investment - is set to have grown 10% from 2008's record in volume terms, rising 26% by value to equal $13.5 billion or more.
On recent trends, that would equate to more than 2.0% of China's famously massive household savings (up from 1.0% ten years ago) and account for almost one ounce in every eight sold worldwide.
Source: The Daily Reckoning
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