Wednesday, December 6, 2017

And The Chinese Are Still Buying Gold

The Chinese demand for gold is still strong. Look at the charts below:

In November the Chinese withdrew 189 tons of gold. By the way, more gold was withdrawn only in September (214 tons) and March (192 tons):

source: SGE and Simple Digressions

As a result, since the beginning of 2017 the Chinese investors withdrew 1,845 tons of gold (an increase of 4%, compared to the same period of 2016):

source: SGE and Simple Digressions

Once again the Chinese, spotting relatively low prices, invested in gold.

Last but not least - the average annual gold production stands at around 3,000 tons and the Chinese absorb around two thirds of annual production. Year by year...

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