Asia Regaining Its Appetite for Gold

schiffgold.com / BY SCHIFFGOLD / MAY 1, 2017

It appears Asia is regaining its appetite for gold. The yellow metal has steadily been migrating from the West to the East over the last few years, with China becoming a more and more dominant player in the world gold market. Traditionally, the two biggest consumers of gold in the world are China and India; however, during the latter part of 2016, Asian gold demand sagged, but it now appears the Chinese and Indians have gotten their appetites back.

Gold consumption shot up in China during the first quarter of 2017, rising a healthy 14.73%, according to a report in China Daily. Gold bar sales surged 60% to over 100 tons, according to the China Gold Association.

“The surge in gold bar sales came on the back of more people using them to hedge against risk as the public became more aware of its attributes, according to analysts.”

Figures out of Hong Kong also reflect a surge in Chinese demand. Net imports into China from Hong Kong more than doubled month-on-month in March, rising to 111.647 tons, according to Reuters. It

Read more ... source: The Bitcoin Channel

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