Gold, silver markets see explosive growth in 2010

16:55, December 03, 2010      

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There has been an explosive growth in China's gold and silver markets in 2010. Both domestic gold and silver transactions have experienced a considerable growth and individual investors have become the primary players in the domestic market amid the private gold hoarding boom, said Shanghai Gold Exchange (SGE) Chairman Shen Xiangrong on Dec. 2.

Shen said that the gold transaction volume on the SGE in the first 10 month of 2010 climbed by 43 percent from a year earlier to 5,015 tons, with a transaction value exceeding 1.3 trillion yuan. During the same period, the silver transaction volume on the SGE exploded by 290 percent to 39,777 tons, with a transaction value of 176 billion yuan
Domestic demand for physical gold is surging because of the growing value of gold as a risk evasion tool, which has pushed up both the gold inventory and import volume to new record highs. Shen said that China's gold imports in the first 10 month of 2010 was up by 480 percent from a year earlier to 210 tons, indicating a new round in the private gold hoarding boom.

Since the start of 2010, private gold investment demand has surged, with a 247 percent increase in the gold transaction value by individual investors in the first 10 months of 2010. Meanwhile, the silver transaction value by individual investors was up by 34 times the value from the same period of 2009.

Shen said that foreign institutions have also increased their gold transactions in China's gold market. The gold exchange has approved five foreign banks, including Credit Suisse, as its members. The gold transaction volume of these banks surged in the first 10 months of 2010. Many foreign banks and gold dealers are in talks with the gold exchange to become new members.

By People's Daily Online


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