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Commodities Briefing - Categorized | Bullion/Gold, Trading more

Who is #1 consumer of gold? Does smuggling count?

Posted on 24 February 2014

The recently released Gold Demand Trends Report 2013 by the World Gold Council states that China surpassed India to become the world’s top consumer of the yellow metal in 2013. However, based on official imports and smuggled gold, India’s consumption is still higher.
According to the report China tops the list with total gold imports of 1066 tons. India’s official gold imports totaled 975 tons during the year. The report also states that nearly 200 tons of gold were smuggled to India during the year. Adding the official and smuggled gold, the total gold consumed by the country would be 1075, which is higher than the gold imports by China………………………………………..Full Article: Source


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