China Gold Demand Skyrockets
Gold is making headway in China as rising inflation and currency appreciation risks make the metal a more attractive alternative for investors, placing the country in a position to challenge India as the world’s top gold consumer.
Chinese gold demand nearly tripled in the last 10 years to around 600 metric tons, a senior World Gold Council official said Thursday.
Speaking at a news conference in conjunction with the release of the 2010 Gold Demand Trends Report, the council’s managing director for the Far East, Albert Cheng, said China was the “strongest market for investment demand” in gold last year. Chinese demand for gold bars and coins rose 70% on-year to reach 180 tons, valued at about $7 billion, he said.
If you are underemployed or out of work as the U.S. Unemployment Rate is soaring once again, you can gather up all of your gold jewelry and sell it to the Chinese to in order to survive until a new Administration takes over.