China gold reportGold in the Year o the Tiger
Introduction5GolddemandinChina–anewworldoopportunity8
Origins o gold demand 8Overview o the early gold market 9Recent economic trends 10Demand continues to strengthen in China 16China’s market share o demand on gold and selected commodities 21Gold price and seasonality 22Jewellery – potential demand growth given current low per capita level 23Investment – an opportunity to play catch up? 27Industrial demand 40Central Bank – the People’s Bank o China 45
SupplyinChina52
Overview 52Mine supply 53Gold producers – domestic and oreign 56Rising cost o production 58Mine supply growth – taking a closer look at reserves and resources 59
Recycledgold65Thelong-termoutlookortheChinesegoldmarket68Conclusion70
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