LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

COT Gold, Silver and US Dollar Index Report - August 23, 2019

Gold Mid-Tiers’ Q2’19 Fundamentals
By: Adam Hamilton, Zeal Research

Trump Floats Payroll & Capital Gains Tax Cues to Forestall Recession
By: Mike Gleason

How’s That Recession Coming, Dave?
By: David Haggith

Precious Metals Update Video: Jackson Hole Powell's Speech in focus today, Gold bias is up
By: Ira Epstein

Seven Key Words That Explain "Stupidly High" Prices
By: Daniel R. Amerman

Gold, Silver, Mining Stocks: Get Ready For A Huge Ride Higher
By: Dave Kranzler

On The Job Training
By: Ted Butler

Precious Metals Update Video: FOMC minutes: What's going on?
By: Ira Epstein

Economist Lays Out the Next Step to Wonderland for the Fed
By: Gary Tanashian


GoldSeek Web


 -- Published: Wednesday, 19 November 2014 | Print  | Disqus 

By Steve St. Angelo, SRSrocco Report

Not only is Australia exporting a great deal of iron ore, base metals and energy resources to China, it’s also shipping a lot of gold to meet the country’s insatiable demand.  How much gold??  Turns out to be one heck of a lot.

Just a few years ago, China received very little gold from Australia.  However, since 2011, a trickle has now turned into a torrent.   According to the Australian Government Bureau of Resources and Energy Economics China Resources Quarterly Reports, China received just 31 metric tons (mt) of gold from Australia in 2011.

Australia, the second largest gold mining country in the world, produced 259 mt of the yellow metal in 2011 (GFMS Gold Survey 2014).  Thus, 31 mt of Australia gold exports to China that year was only 12% of its total mine supply.

Looking at the chart below, we can see just how much more gold Australia exported to China in the following years:

Australian Gold Mine Production vs Chinese Exports

In 2012, Australian gold exports to China more than tripled compared to the year before reaching 110 mt, representing 44% of its 251 mt gold mine supply.  Then in 2013 when the paper price of gold was smashed (starting in April and then again in June), the clever Chinese couldn’t pass up on what they saw as a real bargain by loading up with even more of the precious yellow metal.

Australia enjoyed two gold records in 2013;  1) it had the highest gold production in over a decade at 266 mt, and 2) it exported a staggering 176 mt of the precious metal to China.  In just two years,  Australian gold exports to China increased from 12% of its mine supply in 2011 to 66% in 2013.

While it’s true that Australia also imports gold ($4.6 billion – 2013), exporting 66% of its of total gold mine supply to China alone is a significant figure.

Now, in the first nine months of 2014, Australia’s gold exports to China are down compared to the same period last year, but not by much  Here are the figures, according to the Australian Government’s most recent China Resources Quarterly Report:

2013 Q1-Q3 Australia Gold Exports to China

Q1 = 36.9 mt

Q2 = 44.5 mt

Q3 = 43.3 mt

Total = 124.7 mt

2014 Q1-Q3 Australia Gold Exports to China

Q1 = 47.0 mt

Q2 = 40.1 mt

Q3 = 29.7 mt

Total = 116.8 mt

Year to date gold exports to China are only down 8 metric tons (6%).  However, if gold demand in China picks up in the last quarter of the year (due to lower prices in October), total Australian gold shipped to the Chinese mainland could reach 160 mt in 2014.

This next chart shows Australia’s total gold exports, including forecasted figures out to 2018.  In 2013, Australia exported a total of 277 mt of  gold.  Gold exports to China alone were 176 mt or 64% of this total.

Australian Gold Evports 3

(chart courtesy of Australian Govt (BREE) – Bureau of Resources and Energy Economics September 2014 Quarterly Report)

According to the Australian Govt. BREE September 2014 Quarterly Report:

In the past three years, gold exports to China increased 1173 percent and the share of exports to China has increased from 5 percent in 2010, to 64 percent in 2013.

As the world continues to produce record annual gold production, the majority  of it heads to China.  As we can see from the data presented in this article, the Australians are just another example of the trend taking place in the West.  Thus, the Aussies believe PAPER ASSETS & FIAT CURRENCY are a much better investment than owning gold.

Which is why they continue to export the majority of their barbarous relic to the Chinese… and of course, the Chinese are more than happy to exchange fiat currency for real money.

Please check back for new updates and articles at the SRSrocco Report.  You can also follow us at Twitter below:

SRSroccoReport Twitter Button

| Digg This Article
 -- Published: Wednesday, 19 November 2014 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


The views contained here may not represent the views of, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.