Gold Demand: India & China Jump to New Records

Bullion Vault Gold News discusses the results of India and China’s huge private consumptions of gold in 2010.

The editorial is quoted as saying:

Ten, even five years ago and less, precious-metals analysts thought rising incomes in Asia would see gold substituted for other financial services or consumer goods. But no. China’s private demand has more than doubled as a proportion of gross household savings. Based on the World Gold Council’s latest data – issued today in the market-development and research group’s new Gold Demand Trends report – India’s private consumption jumped in 2010 to a new all-time record of more than 963 tonnes.

That volume beggars belief. It’s equal to 2.65% of GDP on the International Monetary Fund estimate. On BullionVault’s own analysis, it equated to more than 11.5% of India’s gross household savings.

Click here to access the entire editorial.