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World Gold Council/Ray Jia/5-15-2020
“Further consumption stimuli after Q1 underpinned the recovery in China’s physical gold demand. The Shanghai municipal government, for example, teamed up with local malls to launch a ‘5 May Shopping Festival’ online and offline, lasting through to June, which offers attractive discounts on a wide range of consumer products including gold jewellery. And according to China Gold Association, online jewellery sales during 2020’s Labour Day Holiday were 153% higher y-o-y. Moreover, offline gold jewellery sales were 22% higher y-o-y during the Mother’s Day week in Shanghai, according to Shanghai Commercial Development and Research Centre.”
USAGOLD note: As we suspected might be the case, Chinese gold demand is beginning to rebound. The question remains: How will a post-lock down pick-up in physical demand in the East affect already stressed bullion supplies in the West in the coming months.
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