South China Morning Post/Zhou Xin
“Gold consumption in China, the world’s largest producer and user of the precious metal, shrank 38 percent in the first half of the year due to the coronavirus and high prices, the China Gold Association said on Tuesday. The use of gold in jewellery, which accounts for around two-thirds of gold used in China, fell 42 percent in the first six months of 2020, while consumer spending on gold coins and bars, which are generally for collection or investment purposes, fell 32 percent.”
USAGOLD note: With broad demand running high in other key economies, one wonders how physical supplies of bullion will be affected once Chinese investment comes back online.
Repost from 7-28-2020
