In part four of Jan Skoyles and Koos Jansen’s look into China’s gold market they turn their attentions to the individuals behind the moves to get China investing in gold. In our infographic we highlight the top ten. Read on to find out more about these individuals and some of their contemporaries.
In part three of their collaboration focussing on the Chinese Gold market, Jan Skoyles and Koos Jansen delve into the key elements of the gold contract on the Shanghai Futures Exchange and present what they believe is a growing cog in the international gold market.
The Chinese government acknowledged gold as a strategic asset in 2000, when it included the establishment of an open gold market in its five year economic plan. Since then China has come to play a significant role in the international gold market as it strives to develop and advance all aspects of the industry and gold’s role in the domestic market.
In the last 100 years China’s gold mine productivity has climbed from just 4 tons of gold in 1949 to an expected 440 tons this year, none of which is exported. Hong Kong imports have been more than 600 tonnes this year alone, but still more gold is demanded.
China seems to be firmly on the path to global power, and they are working hard to make sure that path is paved with golden economic stability. They have achieved what they wanted to and they are now investing in gold.
After three decades of tremendous expansion, the new generation of Chinese leaders will have to carefully maneuver the country into the next decade, towing the line between maintaining stability and continuing the political and economic reform.
Gold bullion prices fell further as London re-opened Wednesday after the Christmas and Boxing Day holidays, dropping to two-week lows in what dealers called a "very quiet session." Dealers returning to work caught up with a 1.4% drop for the week.
Spot market gold bullion prices rose sharply to $1,797 per ounce Wednesday lunchtime in London - over 3% higher than the same time a week earlier - as the European debt crisis intensified its grip on Italy.