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Non-Tech : The Woodshed

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To: bull_dozer who wrote (60668)	1/18/2024 4:44:59 PM
From: bull_dozer	Read Replies (1) of 60899

China's Gold Market in 2023: Demand improved and premiums rose China’s economic recovery in 2023 was not a smooth sail and consumers remained cautious in spending While the performance of major local assets disappointed, the Shanghai Gold Benchmark Price PM (SHAUPM) in RMB, surged by 17% in 2023 Gold withdrawals from the Shanghai Gold Exchange (SGE) totalled 1,687t in 2023, 7% higher y/y Chinese gold ETFs attracted RMB5bn (+US$654mn) in 2023 and their total asset under management (AUM) rose to RMB29bn (US$4bn), the highest ever. Holdings increased by 10t to 62t The People’s Bank of China (PBoC) has reported non-stop gold purchases in 2023, lifting their gold reserves by 225t to 2,235t by the year end As a result of robust gold demand, stable production and falling imports after late 2022, the local gold price premium jumped to unseen levels in 2023 gold.org

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