China’s dynamic gold consumption

The recovery of the Chinese economy is accompanied by dynamic gold consumption. In the first six months of 2023, gold consumption in the Middle Kingdom has risen sharply, according to the China Gold Association. In the gold jewelry sector, gold consumption has gone up by nearly 15 percent, while gold coins and bars have seen an increase of just over 30 percent. In the industrial sector, on the other hand, gold demand has decreased by 7.65 percent. In contrast, gold production grew only slightly, by 2.24 percent year-on-year. Gold imports increased by 17.5 percent, by 65 tons to 554.88 tons compared to the same period last year. There has also been strong activity in the area of acquisitions and mergers.

The People’s Bank of China also made strong gains in gold. In June, its gold holdings increased by 21 tons. In total, the Chinese central bank is now sitting on a gold hoard of 2,113 tons of gold. One reason for the bank’s hunger for gold is its now well-known desire to de-dollarize. Compared to the central bank in the U.S., which holds more than 8,100 tons of gold, China may be looking to increase its gold reserves even more significantly.

Currently, China ranks fifth in the hit list of the world’s largest gold reserves. Overall, even among the citizens of China, the demand for gold is increasing significantly. By the way, Chinese citizens often buy an enormous amount of gold when they make profits on the stock market. So not only physical gold, but also the stocks of gold companies such as Revival Gold and Skeena Resources deserve attention.

Revival Gold – https://www.commodity-tv.com/ondemand/companies/profil/revival-gold-inc/ – is exploring and developing the Beartrack-Arnett gold property in Idaho. All-in sustaining costs are expected to be $1,235 per ounce of gold.

Skeena Resources – https://www.commodity-tv.com/ondemand/companies/profil/skeena-resources-ltd/ – is reviving the past producing Eskay Creek gold-silver property and the Snip property. The projects are located in the Golden Triangle of British Columbia.

Current corporate information and press releases from Skeena Resources (- https://www.resource-capital.ch/en/companies/skeena-resources-ltd/ -).

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