Chart courtesy of GoldChartsRus.com • • • Click to enlarge
“The latter part of 2022 saw Western investors offloading bullion while their Asian counterparts capitalized on lower prices, buying jewelry, coins, and bars. This period saw more than 527 tons of gold leaving New York and London vaults, with Chinese gold imports peaking at a four-year high. In the East, gold is often the primary form of savings and wealth preservation. For millions, gold remains the ‘basic form of saving,’ an approach inherited from their ancestors, with the understanding that gold retains its purchasing power over time.”
USAGOLD note: As Asian wealth grows, so does its share of the above-ground gold stockpile. Since the 2008 financial crisis, China and India have accumulated nearly 36,000 tonnes of the metal, according to GoldChartsRUs data. As this article points out, Asia accounts for 60% of global gold demand annually and China/India 50%.