@goldfinger1969 - a blurb that you might like:
Data from the World Gold Council shows that consumer demand for gold in China (in the form of jewellery, coins and bars) rose 16% in 2023, with gold jewellery demand up 12% and bar and coin demand up 27%.[1] Whilst this data is significant in and of itself, it’s the specific dynamics of that demand that may shine a light on what the future holds for gold demand in the world’s largest gold market.
This isn’t a here-today-gone-tomorrow fad. Gold appears to have been growing in popularity among younger Chinese consumers for some time now, but the recent economic context, combined with the Spring Festival ushering in the new Year of the Dragon, seems to have exacerbated the trend. An article published in the Chinese publication Sixth Toneclaims reports show that 59% of Gen Z said they were inclined to buy gold in 2021 (up from 16% in 2016), whilst sales of gold jewellery by e-commerce giants Tmall and Taobao are highest among people born after the 1990s.[4]
And it’s not just among young professionals that we’re seeing heavy gold buying in China. Data from the World Gold Council shows that the Chinese central bank added 225 tonnes of gold to their reserves last year, the heaviest buying spree since 1977. The People’s Bank of China now reportedly holds 2,235 tonnes of gold. This represents just over 4% of the People’s Bank of China’s total reserves.