China Setting Out to Consolidate its Gold Mining Industry
China’s official news agency Xinhua reported this week that the country is set increase annual Gold output to 500 tonnes by the Y 2020 from around 450 tonnes currently.
China overtook South Africa as the #1 miner of the precious Yellow metal in Y 2007. China’s Ministry of Industry and Information Technology (MIIT) expects Gold output to grow by an average 3% annually through Y 2020.
Last year output rose less than 1% to 453.5 tonnes according to the Ministry:
The MIIT aims to consolidate and upgrade the industry by reducing the number of Gold miners to around 450 from more than 600, and shutting down 40 tonnes of outdated production capacity by the end of Y 2020.
Last year, global Gold demand increased 2% to 4,309 tonnes, the highest since Y 2013, but the improvement was mainly on the back of investment purchases in the West as physical demand from top consumers China and India fell data from the World Gold Council (WGC) showed.
|HeffX-LTN Analysis for GLD:||Overall||Short||Intermediate||Long|
|Neutral (0.20)||Neutral (0.16)||Neutral (0.17)||Bullish (0.28)|
Have a terrific weekend.
Latest posts by Paul Ebeling (see all)
- US Economy is the “Bright Spot in the World” - August 25, 2019
- President Trump Offers Post No-deal BREXIT Britain a ‘Very Big’ Trade Package - August 25, 2019
- President Trump Regret’s Not Slapping Higher Tariffs on China - August 25, 2019