British newspaper: Gold Rush in China in 10 years

The March 30 article of the British Independent newspaper, the Chinese gold rush "will be snapped up 2020 years ago" according to a report by the World Gold Commission, China's gold consumption will double in the next 10 years, and rising demand could deplete the country's gold-proven reserves 2016 years ago. Last year, China's gold consumption was worth more than $14 billion trillion, equivalent to 11% of global demand. The World Gold Commission predicts that the country's demand for gold will rise to 29 billion dollars by 2020. "China has an insatiable appetite for gold and demand looks likely to continue, and China's situation is that domestic gold supplies lag behind demand," the report said. "China's demand for gold has risen at an average rate of 13% per annum since 2005." About 50% of the gold is bought for jewellery and another 30% is used for investment. "As one of the world's largest economies, China has now quickly become an important gold market," said Mr Grubb, general manager of the Investment division of the World Gold Commission yesterday. But our analysis concludes that China's gold market still has significant growth potential untapped.　　"The report also calculates that if China's per capita gold consumption rate is the same as that of India and Saudi Arabia, in the jewellery industry alone, the Chinese demand for gold will increase by 100 tonnes to 4000 tonnes a year." China's gold production has increased by 84% since 2000, but its proven gold reserves account for only 4% of the world's total. Assuming the data are correct, it is estimated that China will probably run out of the country's known gold reserves for 6 years from now. ▲ (author Jack Jordan, Chen Yi translation) "Global Times" copyright works, without the written authorization of the Global Times, no reprint, violators will be held liable.