It’s official: China overtakes India as top consumer of gold. China officially overtook India as the world’s largest consumer of gold in 2013, according to the World Gold Council (WGC), in a year that saw overall demand for bullion slump 15 percent owing to heavy exchange traded fund (ETF) selling. Jonathan Barratt, Founder of Barratt’s Bulletin, says continued Chinese demand for the precious metal could push gold prices to
Right now, China is the number one exporter on the globe and China will have the largest economy on the planet at some point in the coming years. The Chinese would like to see global currency usage reflect this shift in global economic power. The Chinese are now accelerating their long-term plan to dethrone the U.S. dollar.
At the moment, most global trade is conducted in U.S. dollars and more than 60 percent of all global foreign exchange reserves are held in U.S. dollars. This gives the United States an enormous built-in advantage, but thanks to decades of incredibly bad decisions this
Marcus Grubb, Managing Director of Investment of the World Gold Council reports on the increasing demand in India and China for gold will lead to a recovery in its spot price.
