Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Space Industry and Business News .




TECH SPACE
China to be world's top gold buyer this year: experts
by Staff Writers
Rome (AFP) Oct 01, 2013


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.

Gold prices spiked during the global financial meltdown and Europe's debt crisis because gold is seen as a safe haven in troubled times.

But, mainly due to better economic forecasts, they have fallen by up to 20 percent this year and the price is now around $1,340 (989 euros) an ounce.

Grubb said lower gold prices and bets in the market that prices will fall even further made it profitable to sell in the short-run "especially if someone in China is paying a premium".

"The gold has moved from West to East this year as this change in dynamic in the market has happened. It's being re-refined through Switzerland and sent to China in kilo-bars," Grubb said.

Grubb said he remained bullish about the prospects for the gold market, pointing out that lower prices had triggered an increase in consumption from private buyers to record levels.

"There are traders who clearly think that gold will go lower, actually the consumer all around the world disagrees," he said, adding that the US Federal Reserve's reluctance to reduce stimulus could also see "Western demand improving again".

Even if stimulus is cut in the United States, he said there was unlikely to be a major effect on prices since this is "already largely discounted".

"If you're an investor looking at your portfolio, there's a lot of risk out there, so you need a hedge asset like gold," he said.

.


Related Links
Space Technology News - Applications and Research






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TECH SPACE
How to make ceramics that bend without breaking
Cambridge MA (SPX) Oct 01, 2013
Ceramics are not known for their flexibility: they tend to crack under stress. But researchers from MIT and Singapore have just found a way around that problem - for very tiny objects, at least. The team has developed a way of making minuscule ceramic objects that are not only flexible, but also have a "memory" for shape: When bent and then heated, they return to their original shapes. Th ... read more


TECH SPACE
New sensor could prolong the lifespan of high-temperature engines

Paradigm shift: Need something in space? Print it, don't ship it

China to be world's top gold buyer this year: experts

NGC Completes Safety of Flight Testing on Common Infrared Countermeasure System

TECH SPACE
Third Advanced EHF Satellite Will Enhance Resiliency of Military Communications

USAF Launches Third Advanced Extremely High Frequency Satellite

Atlas 5 Lofts 3rd AEHF Military Comms Satellites

Unified Military Intelligence Picture Helping to Dispel the Fog of War

TECH SPACE
UFO? Star cluster? No, it's Falcon 9's jettisoned fuel

ILS Proton Successfully Launches ASTRA 2E for SES

APSCC 2013 reaffirms Arianespace's focus on the Asia-Pacific region

Arianespace and Astrium sign deal to begin production of 18 new Ariane 5 vehicles

TECH SPACE
Astrium down selected for MOJ electronic tagging contract

Lockheed Martin GPS 3 Satellite Prototype Integrated With Raytheon OCX Ground Control Segment

China's navi-location industries to boom: white paper

OHN Christner Trucking Selects Orbcomm For Refrigerated Telematics Solution

TECH SPACE
US F-35 jet plagued by shoddy quality control: audit

Indian navy gets its first Hawk trainer jets

Lockheed focused on South Korean jet re-tender

NGC and USAF Complete Warfighter Analysis Workshops

TECH SPACE
Promising new alloy for resistive switching memory

Counting on neodymium

UCSB researchers make headway in quantum information transfer via nanomechanical coupling

Stanford scientists publish theory, formula to improve 'plastic' semiconductors

TECH SPACE
Japan takes issue with Google maps over islands: reports

Australia's new prototype vehicle to improve Earth observation satellites' accuracy

UCLA scientists explain the formation of unusual ring of radiation in space

Ultra-fast Electrons Explain Third Radiation Ring Around Earth

TECH SPACE
Pollution deadlier than road accidents in Sao Paulo

Chile ruling to keep Barrick mine closed to late 2014

Legacy Soil Pollution Higher lead levels may lie just below surface

PNG makes BHP liable for environmental damage from mine




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement