WGC:Chinese Imports to Hit 1,000t. Daniela Camboner Poolside Interview

House · Oct 2, 2013

Pre pool dunking by Cheng

[youtube]http://www.youtube.com/watch?v=MzQsQguQ_To[/youtube]

Kitco News is at the LBMA/LPPM Precious Metals Conference in Rome. Daniela Cambone interviews the World Gold Council's Albert Cheng to discuss Asian markets and the future of physical demand in the region
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China is set to overtake India to become the world's top gold consumer this year, as the driving forces in the market shift from West to East, an industry association said Tuesday.

"Most likely this year we will see China overtake India slightly," Albert Cheng, the World Gold Council's managing director for the Far East told AFP in an interview on the sidelines of a conference in Rome.

"A 1,000-ton market will probably be achieved" for China, he said, out of a global yearly market of around 4,400 tons made up of 2,800 tons from mine production and 1,600 tons of already existing gold.

Cheng said the sharp rise in consumption was helped by fast-paced economic growth and a lack of government restrictions on the market, making gold easily accessible for ordinary Chinese.

He said there were now an estimated 100,000 gold jewelry stores in China and 20 banks selling gold ingots or gold-linked investment accounts.

"India and China are twin engines for the market. They account for 60 percent of global consumption," he said, adding that India's consumption has been going down for two years.

Rupee depreciation and high customs duties on gold imports were two major reasons and attempts to get Indians to trade the estimated 20,000 tons of gold in private hands have had little effect, he said.

Speaking on the sidelines of the conference organised by the London Bullion Market Association, Marcus Grubb, the Council's managing director for investment, said demand in China and India would continue to sustain gold prices for the foreseeable future.

"There are 2.5 billion people who are going to get richer. There's going to be a higher population, they're going to buy more gold," he said.

The London-based World Gold Council is the main market development organisation for the industry and includes all the top gold mining companies.
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Midnight Man · Oct 2, 2013

Very very interesting to hear (the reaffirmation of) the differences in acquisition between East and West - thank you for sharing!

menotcrimex · Oct 2, 2013

Nice shades Dannie, party late girl?

TreasureHunter · Oct 2, 2013

Interesting shiny blue glasses on Daniela.

Why don't they make bullion bars in that color?

House · Oct 2, 2013

TreasureHunter said:

Interesting shiny blue glasses on Daniela.

Why don't they make bullion bars in that color?
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They do, you even posted about it!

Ronnie 666 · Oct 2, 2013

World Gold Council - gang of thieves and LBMA - - British division of the CRIMEX

http://www.bullionbullscanada.com/b...rld-gold-council-hides-facts-hates-gold#24224

http://www.roadtoroota.com/public/564.cfm

I would not listen to 1 word that comes out of that blond bimbo's mouth !!!!
shades or no shades

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