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...
Join GATA here:
Vancouver Resource
Investment Conference
Vancouver Convention Centre West
Sunday-Monday, January 19-20, 2014
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...
* * *
Support GATA by
purchasing DVDs of our London conference in August 2011 or our Dawson City
conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a
colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster
of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights
and educational organization based in the United States and tax-exempt under
the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can
subscribe at:
http://www.gata.org
To contribute to GATA,
please visit:
http://www.gata.org/node/16
