China Gold Rush – Not on Discovery Channel
The 2012 week-long celebrations of the Year of the Dragon in China were nothing but a major 'gold rush' with gold sales volumes exceeding 95 million U.S. dollars, which is an almost 50 percent increase over last year's celebrations, reported Xinhua.
Gold is increasingly being considered an investment asset on its own and gold and silver bars sales are soaring along with jewellry sales.
The Chinese Spring Festival lasted from January 22 to January 28 and Chinese customers crowded the precious metals stores fact that indicates that the middle class is rapidly expanding.
In 2011, China produced 355 metric tones gold which ranked it the world's top gold producer. During the same year it was estimated by WGC that it consumed 750 metric tones of gold.
Taking into account its gold consumption growth China would overtake India as the world's top gold consumer in the near future.