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Huge gold vault opens in Shanghai as bullion goes from West to East

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Publié le 11 novembre 2013
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By Chanyaporn Chanjaroen and Stephen Engle
Bloomberg News
Monday, November 11, 2013

A gold vault that can store 2,000 metric tons, double China's projected consumption this year, opened in Shanghai this month as owner Malca-Amit Global Ltd. seeks to benefit from rising demand in Asia’s largest economy.

The facility is the biggest for the Hong Kong-based company, and it can also store diamonds, jewelry, and art, Joshua Rotbart, precious metals general manager, said in an interview. The site could hold bullion worth about $82.5 billion at today's price, Bloomberg calculations show. China's total demand may reach 1,000 tons in 2013, the World Gold Council forecasts.

Consumption in China may increase 29 percent to a record this year, overtaking India as biggest user as lower prices and higher incomes spur demand, according to the WGC. The investment in Shanghai's new free-trade zone reflects a shift in world demand away from the U.S. and Europe toward Asia. Demand for gold jewelry, bars, and coins in Greater China, India, Indonesia, and Vietnam is now about 60 percent of the global total, up from 35 percent in 2004, according to HSBC Holdings Plc.

... For the full story:

http://www.bloomberg.com/news/2013-11-10/gold-vault-for-2-000-tons-opens...



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Données et statistiques pour les pays mentionnés : Canada | Hong Kong | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Hong Kong | Tous
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Wow, every other analyst I've read says China IMPORTED 1,000 tonnes last year and is on target to IMPORT 1,200 tonnes this year.
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Wow, every other analyst I've read says China IMPORTED 1,000 tonnes last year and is on target to IMPORT 1,200 tonnes this year. Lire la suite
carrierpigeon - 14/11/2013 à 00:17 GMT
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