Yesterday we mentioned how the World Gold Council was banging the drum on Chinese gold demand, even suggesting that China could exhaust its natural gold reserves in the ground in just six years.
Here’s a chart of Chinese domestic gold production (supply) vs. Chinese demand for gold, courtesy of China Daily. It shows how demand has outstripped domestic production for nearly two decades, and how gold demand has almost doubled over the last ten years.
The World Gold Council believes that Chinese demand could double again over the next decade and that, in a rush to expand domestic production, thinks China fully deplete its known gold mining reserves.
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See Also:
- Asian Steelmakers Are So Desperate To Meet Booming Demand That They Just Gave Up Their 40-Year Ore Regime And Accepted 90% Price Hikes
- China ‘Could Exhaust Its Gold Mining Reserves In Just Six Years’
- Citi: ETF Gold Holdings "Slipping", Demand Starts To Wane