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.
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.