Sunday, October 12, 2014

China now takes nearly all world gold production, Shanghai exchange chief confirms

1000 gataDear Friend of GATA and Gold:

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.

Jansen's commentary is headlined "SGE Chairman: 2013 Chinese Gold Demand Was 2000 Tonnes" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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