China’s gold consumption is soaring alongside the price of the precious metal as the Asian economic superpower and its citizens increasingly turn to gold to diversify their finances. 

    Gold prices have risen so quickly -- 11.6 percent in the last quarter alone and 84 percent in the past three years -- that it is becoming out of reach for some of the world’s jewelry buyers and investors. Yet even at $1,200 an ounce, Chinese demand is soaring. Retail investment demand in China rose 57 percent in the first quarter of this year from a year ago. Jewelry demand increased 11 percent, according to World Gold Council estimates. 

    Chinese gold consumption was worth more than $14 billion last year, which accounted for about 11 percent of global demand. China is the world’s largest gold producer and, with estimates of demand doubling before the end of the decade, it may not be long before it surpasses India as the world’s largest buyer.

    Gold has a powerful ally in promoting the mineral -- the state. Consider a recent push by the Chinese government for its citizens to buy more gold as an investment. The Industrial Commercial Bank of China recently signed an agreement with the World Gold Council to help promote domestic demand for gold through new investment products. 

    The country is also turning to television advertising to encourage its growing middle class to buy gold as an investment. It is a major shift from only a few years ago when the country imposed strict controls on precious metals purchases for its citizens. 

    China has also been ramping up its gold reserves and hopes to increase future holdings through agreements such as the one signed recently with Coeur d’Alene Mines Corp. to buy gold concentrates. It is the first deal of its kind between China and a U.S. miner. 

    China’s voracious demand, coupled with estimates of dwindling reserves at home and abroad, could mean much higher prices in years to come. 

    Over the past five years, demand for gold has risen by an average of 13 percent a year in China, according to the World Gold Council. Chinese gold mining producers have stepped up gold production an estimated 84 percent over the past decade, while its known reserves account for four percent of total known global reserves. 

    The council estimates suggest that China could exhaust its known gold mining reserves in six years. “This supply trend is only likely to reverse if China were to attract significant capital investment for exploration,” the council said in a recent report. That would leave China scrambling for more gold imports, once again putting its mark on global commodity demand.

    Source: www.commodityonline.com

 中国掀起淘金热

       随着中国及其公民越来越将兴趣转向黄金这种贵金属，将其作为资本多元化的方式，中国对黄金的消费量随着金价在飙升。

       金价上涨得如此迅速，仅今年第二季度就上涨了11.6%，在过去3年中上涨了84%，甚至超出了世界上一些珠宝购买者和投资者的承受范围。然而，即使在每盎司1200美元的价位，中国对黄金的需求也在飙升。据世界黄金理事会估计，今年第一季度，中国的黄金零售投资需求比一年前上升了57%，珠宝需求则上升了11%。

       去年，中国黄金消费140亿美元，约占全球需求的11%。中国已经是世界上最大的黄金生产国，预计十年内中国黄金需求量会加倍，也许不久将会取代印度成为世界上最大的黄金购买国。

       国家也是黄金促销的强大伙伴。中国政府最近鼓励其公民购买更多的黄金作为投资。中国工商银行最近与世界黄金理事会签订了一项协议，通过新的投资产品帮助推动国内黄金需求。

       中国还通过电视广告鼓励其不断成长的中产阶层购买黄金作为投资。这与几年前中国对公民购买贵金属实行严格管控相比是一个重大转变。

       中国还在努力扩大其黄金储备，希望通过协议增加未来持有量，比如最近与一家美国矿产公司签订协议，购买金精矿。这是中国与美国矿产公司签订的第一份此类协议。

       中国对黄金的饥渴需求，伴随着国内外储备量逐渐减少的估计，也可能意味着未来几年金价还将涨得更高。

       世界黄金理事会的数据显示，过去5年中国黄金需求平均每年上升13%。它说，在过去10年中，中国金矿开采商已将黄金产量提高了84%，而其已探明储备量占全球已探明储备量的4%。

       世界黄金理事会估计，从现在起6年内，中国可能会开采尽其已探明金矿储备。它在最近的报告中说：“除非中国吸引大笔资本投资用于勘探，否则这种供应趋势不太可能逆转。”这会令中国争夺更多的黄金进口品，并影响全球的商品需求。