Since 2007, china became the world’s largest gold mining producer; in 2012, it mined some 403 tons.
There are expectations to national growth of 7% in 2013.
Last year after buying 832 tons, Chinese investors and households expected to buy near 1,000 tons in 2013. China already bought 986 tonnes so for in the past 10 month.
Despite strong overall gold demand growth in China, gold coins and bars consumption there fell somewhat in the July to September period resulting a spate of buying earlier in the year driven by lower average gold prices.
Even so, Chinese demand for gold coins and bars, at 47.9 tons was 12% beyond the full-year level in 2012.
There are Expectations that China will go beyond India as the top consumer this year Since China Gold demand has run by further than half in the first six months of the year as descending prices of the precious metal.
The famous China Shouguan Mining Corporation a leading gold mining exploration and advisory Company with operations in Shandong, China, are guiding extensive exploration on two major veins at their Cunli-Ji Mine.
16 drill sites were found to contain gold and the Company will announce a formal exploration report once complete.
Shandong is home to roughly 25% of China’s proven gold reserves, with over 10.2 tons of gold ore released each month.
China’s gold demand will remain rising spurred by a recent relaxing in import rules and government policy announcements that favor a greater role for market forces.