China overcomes the USA like the second major retail golden market
15-02-2008 newspaperChina overcame in 2007 the United States like the second major retail golden market, only behind India, despite the higher and higher prices of the valuable metal, according to a report of the World Council of the Gold published by the daily “Shanghai Daily”.
The demand of the Chinese retail market was 302 tons of jewels and other golden products, 23,5 % more than in 2006, to what the official press added the numbers of Hong Kong and Taiwan to reach a 363,3 tons joint whole, also 23,5 % more than the same indicator in 2006.
India headed the world list with 773,6 tons in 2007, and the USA went on to the third place, with 278,1 tons.
The advance of position of China is due to the fact that his demand kept on growing during the last trimester of 2007, while most of the rest of the world markets turned out to be braked by the progressive increase of the gold.
The prices of the valued metal reached recently his biggest value in thirty years, over 9.000 Dollars the ounce (31,103 grams).
The worry on the increasing inflation in China and the volatile nature of his stock markets they helped to increase the demand for the second year in a row over 300 tons, given the attraction of the precious metal like “refuge“ or sure investment before any economic suspense.
The Chinese golden demand retail, suspended at the end of the nineties, began detaching from 2003, and at present it is anticipated that his retail golden products consumption will reach 600 tons about 2010.
15-02-2008 EFE
