Chinese Gold Production
Chinese gold mining production has surged in the past ten years making China the world’s largest gold producer.
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Chinese Gold Mining Production
Chinese Gold Mining Production Surges
China has massively increased its gold production in recent years and has become the largest gold mining country in the world. China exports little or none of their gold out put and consumes or stores it domestically.
Here is a chart showing the growth of Chinese gold mining production over the past fifteen years:
China has increased its gold mining production from 180 tons in 2000 to well over 400 tons in 2014 (estimated) Gold Mining Production Sources: 2000-2013 – USGS; 2014 estimate – Forbes.
Despite the massive growth in Chinese gold mining production, it may be set to slow significantly. A slow down in Chinese gold mining supply would mean that in order to satisfy Chinese gold demand which, according to the World Gold Council, will grow 20% over the next three years, China will need to find additional sources of gold. China may pursue acquisitions of foreign gold mining companies, partnerships with and investments in foreign gold mining companies and continued massive importing of gold to help satisfy that demand.
Top Ten Gold Producing Countries 2013
China now produces more gold than any nation on earth.
Chinese Gold Imports
Chinese gold demand has not been satisfied fully from its ramped up mining activities and has been supplemented with imports. Earlier this year we covered the large amounts of gold that are heading from western vaults to those in China. Chinese gold imports reached a record of about 1100+ tons in 2013, and while lower this year, are on track to be the second largest ever (est. 750-800 tons).
Indeed, China is not only the world’s largest gold mining country but also the largest gold importing country.
This chart shows cumulative Chinese gold production and imports in tons:
Chinese Gold Production and Imports
China has increased its gold imports and gold production to meet its insatiable demand.
Chinese Gold Import Restrictions
We recently covered the lifting of some Indian gold import restrictions that had curbed gold imports enough to that country such that it became temporarily the number two gold consuming nation behind China. The lifting of some of the import restrictions should drive an increase in gold import growth to India in 2015.
China also suffers from import restrictions that have curbed its gold import activities. Bloomberg recently reported that the People’s Bank of China has drafted a plan that would allow qualified miners and banks that are members of the Shanghai Gold Exchange to engage in gold importing.
Chinese Gold Imports
Chinese gold imports are on track for 750-800 tons in 2014.
America take note: China is not only consuming commodities at a rapid rate but producing them in massive amounts too.
All charts were reproduced courtesy of Nick Laird of Sharelynx – The Gold Standard in Precious Metals Charts, except the Chinese Gold Mining Production chart which is my own inartful creation.
Special Limited Time Offer: Sharelynx is a fantastic precious metals site that is available only by subscription. From now until the December 14th, you can explore the site and review thousands of precious metal charts like the kind you see on Smaulgld.com for free by visiting sharelynx.com.
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Fractional American Gold Eagles in 1/10, 1/4 and 1/2 oz Sizes for Smaller Budgets
Further Reading:
Gold Continues to Move West To East
The West Sells Paper Gold While the East Buys Physical Gold
The Importance of Gold To Individuals and Nations
Gold Reserves by Country – Top 20
China Hoards its Gold Production and Ramps up its Imports
Top Foreign U.S. Treasury Bond Holders (China is #1)
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