China Hoards its Gold Production
China boosts domestic gold production and hoards it while Indian import restrictions remain in effect.
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China is the largest gold producing and gold importing nation
Chinese Gold Mining Production
China is the world’s largest gold producer with mining production over 400 tons a year.
Gold Exports from Hong Kong
For the past few years there have been reports that much of the world’s gold was heading east; a good portion of it to China via Hong Kong, a major import/export precious metals hub.
The flow of gold from Hong Kong is largely imported from western nations and exported to eastern ones. Hong Kong imports gold from western countries like the United States, Canada, France, Italy, Switzerland and Mexico. Hong Kong also sources a great deal of gold from Australia, Japan and South African for export to the east, mostly to China, Taiwan, India and Singapore.
Many western nations export gold to Hong Kong to satisfy China and other eastern nations’ demand
China has massively increased its gold imports
Silver Exports From Hong Kong
India increases its silver imports as restrictions on gold imports remain in effect
In March 2014, Hong Kong exported 517 tons of silver; 227 into Taiwan and 190 into India. This flow of silver was sourced mostly from countries in the east (mainly, China and South Korea) and exported to other countries in the east like Taiwan, India, Nepal, Singapore, Thailand, Malaysia and Indonesia. Silver is also exported from Hong Kong in lesser amounts to western nations like Germany, Italy, England, Switzerland, the Netherlands and the United States.
China, South Korea and Australia supply much of the silver to Hong Kong for export to India and Taiwan
Silver flowing through Hong Kong is increasing to meet Indian and other eastern nations’ demand.
Gold and Silver Charts Courtesy of Nick Laird.
Top Silver Producing Nations
1. Mexico
2. China
3. Peru
4. Australia
5. Russia
6. Poland
7. Bolivia
8. Chile
9. United States
10. Argentina
Source: The Silver Institute
The west is home to eight of the top ten largest silver producers. It seems that the much of the west’s silver is not exported east through Hong Kong and much of the east’s silver production, if exported through Hong Kong is shipped mostly to other eastern nations, like India and Taiwan. China does not hoard all of its silver production as it does its gold production.
Top Gold Producing Nations
1. China
2. Australia
3. Russian Federation
4. United States
5. South Africa
6. Peru
7. Canada
8. Mexico
9. Ghana
10. Indonesia
Source: MoneyWeb via Metals Focus
China appears to horde all of its gold production, while importing massive amounts of gold through Hong Kong. A good portion of gold that China imports is from non gold producing Switzerland, a major refiner of gold. Russia also retains a large portion of its gold production and has also been increasing its gold reserves in recent years.
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Further Reading:
The Chinese Shanghai Gold Exchange Grows Exponentially
The Importance of Silver to China
Gold and Silver Price Manipulation – Suspected
Gold Continues to Flow West to East
The West Sells Paper Gold While the East Buys Physical Gold
Top Foreign Holders of US Debt
India Continues to Bring Home the Gold Despite Import Restrictions
Is a Gold Silver Supply/Demand Price Adjustment Coming?
Top Twenty Countries By Gold Reserves
How Russia Can Set Off an Inflationary Spiral in the United States
Chinese House Wives Buy 300 Tons of Gold
The Silver To Gold Sales Ratio April 2014
Think the Fed Destroyed the Dollar?
China Has More Gold Than Officially Reported
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