Dundee's Ned Goodman sees China's recent gold buying as a means for the country to eliminate the US dollar as the reserve currency.
Articles Tagged "china"
Today, gold fell 0.2 percent, or $2.67, to $1,334.80 an ounce; meanwhile, US gold futures for April delivery dropped $2.70, to $1,335.10.
Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) announced that China's CDH Investments will be acquiring a 20-percent interest in the Eastern Dragon project for US$40 million.
Demand for gold jewelry, bars and coins hit a record high last year, according to the World Gold Council's latest Gold Demand Trends report. The report also confirms that last year Chinese gold demand surpassed that of India for the first time.
Business Recorder reported that the Chinese Gold & Silver Exchange Society plans to set up a physical bullion trading exchange, as well as a 1,500-tonne depository, in mainland China within the next year.
Figures released by the China Gold Council and Thomson Reuters GFMS have analysts wondering if China managed to overtake India as the world's biggest gold consumer in 2013.
Xinhuanet reported that according to data from the China Gold Association, China's gold consumption came to 1,176.4 tonnes in 2013 — that's a 41.36-percent increase from the previous year.
Gold rose 0.3 percent or $3.74 to $1,247.40 an ounce on Monday as the dollar declined and concerns about emerging markets caused equities to drop, according to Reuters.
Mineweb reported that in 2013, Chinese gold imports via Hong Kong reached a new record; however, there is some uncertainty about the total amount imported.
Gold continues a rebound today, at $1,240.90 an ounce this afternoon in London, an increase of $4.74 from close on Friday, according to Reuters.