Gold Spread Bets - Gold Demand
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The World Gold Council recently released a new report†, which stated that China has overtaken India as the largest purchaser of gold. China now accounts for 25% of gold investment demand, compared with India's 23%.
Here spread betting firm City Index takes a quick look at a few possible reasons for the Chinese gold drive and what this means for your gold spread betting strategy.
Golden Culture
Gold gifting plays a significant part of Chinese culture, having been associated with good luck and emperor status since ancient times.
Weddings, birthdays and New Year celebrations are all still occasions upon which gold is typically given or exchanged and this tradition contributes to the country's gold demand.
Wealth
The World Gold Council suggests that the rise in the disposable income of the Chinese middle class has also played a part in the increase in demand.
This rise in demand is likely to be a result of economic acceleration due to the reforms taking root in China. In 2005, just 15 million households in China had an annual income of more than $4,300 per annum.
Gold Spread Betting / Hedging
Global year-on-year gold consumption has increased by 11% and a portion of this has been attributed by the World Gold Council to investment demand.
With persistent high inflation levels in China, investors may view gold as an effective hedging tool.
† World Gold Council quarterly report, 19 May 2011.
"Gold Spread Bets - Gold Demand" last update by R Thomas, 25-Jul-2011
Warning: Financial spread betting carries a high level of risk. You can lose more than your initial investment or stake. Financial spread betting may not be suitable for all investors. Only trade with money that you can afford to lose. Make sure you fully understand the risk involved. If necessary, seek independent financial advice.
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