“China will certainly become the world’s No. 1 gold consumer this year – if indeed it was not already.  So far net imports through Hong Kong for the first five months of the year have totalled over 413 tonnes – double those of a year earlier when China imported just over 830 tonnes in the full year.  China’s own gold production from its mines and as a byproduct from its smelting and refining sector exceeded 400 tonnes last year and is heading to between 420-450 tonnes by 2015 according to official estimates.  This suggests Chinese gold imports plus its domestic production will, this year, account for comfortably over 50% of global new mined gold output.”

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=197040&sn=Detail

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