Global sales of gold exceeds the $ 200 billion

Gold price technical analysis 30 - May, 2013

Gold prices recorded a big increase over the past few years and prices jumped gold bullion over the twelve months, including nearly 30%, rising by more than seven-fold since 1999.

Analysts say that despite the recent upheavals in prices, but it was just a correction and not an explosion of the bubble, “gold,” and that the overall performance of gold is still excellent. The world economy experienced in recent years, a real estate bubble and the technology and the crisis of sovereign debt and a deficit in Moisat major countries, all linked in some way a decline of confidence in the securities.

Investors have found a safe haven in gold on concerns about the falling value of the currency further, especially with regard to the single European currency.

When the officials agreed on a rescue package last month to cut Greek debt to 120% of GDP by 2020, achieved gold more rises and with the concern of many that the agreement is not sufficient to resolve the debt crisis of European, according to Gulf News.

And still consumers of Indians and Chinese are the largest purchase next to the yellow metal, where they spend about $ 46 billion and 38 billion dollars, respectively, for the purchase of jewelry and gold coins and bullion in the past year.

And China and India accounted for about 55% of global demand for jewelry and 49% of the demand for gold, and India accounted for 933.4 tonnes of gold, and China collected 769.8 tons last year, according to the World Gold Council.

The volume of Chinese purchases of gold by 20% at an annual result of the increase in spending on jewelery and investment in gold. The biggest rise in investment, which saw a 69% increase.

The jump in global demand for gold in the last year to 4067 tonnes in the last year, the highest since 1997 to reach sales to about 205.5 billion dollars, according to estimates, as this is the first time that the global sales exceed $ 200 billion.