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SOURCE: Gold Price
China almost doubled its gold imports last year and has set provisional guidelines for exchange-traded funds that will be available to investors soon, thus the global gold market could see higher gold prices as a result of these practices, reports Gold Price.
New York, NY (PRWEB) February 07, 2013
The world’s second largest economy is falling more and more in love with gold. In 2011, China imported a paltry 431 metric tons of the element, but that number increased 93% in 2012, during which the country imported 834.5 metric tons. The Chinese government is ramping up gold imports in order to stockpile a solid base for their highly-anticipated transformation of the Yuan into a global reserve currency. Furthermore, gold ETFs will soon be made available in China, which will make gold more accessible to Chinese investors, and therefore, drive up demand. Such prolific gold buying in China could mean higher gold prices for Western investors, reports American gold dealer, Gold Price.
Arthur McGuire, Vice President of Gold Price, says, “Gold investors shouldn’t disregard the buying habits of such a huge market as China. The country’s ramped-up buying of the physical element in 2012 is a practice that we will most likely see continue into 2013, and the latest news that China will finally open up ETFs to its domestic investors fares well for the gold price as well. Look at what happened to the gold price after the debuts of today’s largest gold ETFs: the gold price has risen more than 261% since SPDR Gold Trust ETF (NYSE: GLD) first appeared on the market in November 2004 and 281% since iShares Gold Trust (NYSE: IAU) made its February 2005 debut. Chinese ETFs and increased physical gold imports will drive up demand in Asia, which will in turn drive up the gold price worldwide.”
Gold Price (GoldPrice.net) is a leading precious metals advisor since 1992 with headquarters in New York, California, Texas, Utah, New Mexico and Puerto Rico. Gold Price is also a direct gold and silver dealer, specializing in purchasing, selling and trading physical gold and silver, such as modern bullion bars/coins and certified rare coins. They offer investors a free award-winning gold starter’s kit by visiting http://www.goldprice.net or calling 1-800-767-1423.
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