I was invited by Scotiabank to speak about Chinese gold demand at their commodities outlook conference on 12 January 2016 in Toronto. Of course I was thrilled to come over and share what Iíve been studying for the past years Ė thanks again Scotiabank for inviting me!
In my 20-minute presentation I could clearly explain why I think Chinese gold demand is not what mainstream consultancy firms (GFMS, WGC, Metals Focus, CPM Group) would like you to believe. While I was there I also took the opportunity to talk to Jeffrey Christian, who was speaking right before me on conference day. Mr Christian is a Managing Partner of CPM Group, which is one of the consultancy firms whose Chinese gold demand statistics Iíve fiercely disputed over the years.
Previously, in 2014, me and Mr Christian have debated the subject of Chinese gold demand on these very pages. After I wrote CPM Group an open letter in response to their Market Alert, now sadly offline, Mr Christian took the time to debate me in the comment section of my blog. In my opinion this is how it should be, open debate between the mainstream firms and us the independent gold researchers. Mr Christian showed to be a good sport by discussing our differences.
In Toronto we could briefly resume talking about our differences offstage. We didnít agree, naturally, but it was valuable to hear some of his arguments Ė thatís what fuels debate and incentivizes me to investigate certain segment of the gold market more thoroughly. On stage I was pleased to able to present my view on Chinese gold demand right after his.
In a nutshell Mr Christian stated Chinese gold demand was roughly 933 tonnes (30 million ounces) in 2015, while I stated it was more like 2,000 tonnes, as China has imported roughly 1,400 tonnes, mined 450 tonnes and scrap was likely more than 150 tonnes for the year (the details about all data from 2015 will be published shorty).
Unfortunately the recording of my presentation is not allowed by Scotiabank to be republished on YouTube. So what I did is re-record the presentation. Below you can find the video, my voice in combination with the slides, which turned out to be a concise analysis of the Chinese gold market. The first part is about Chinese private gold demand and the structure of the Chinese domestic gold market. In the second part I speculate about purchases from Chinaís central bank that have to be added to Chinese private gold demand, according to my analysis.
Click here to download the slides in PDF format, or watch the video below.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
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 GoldSeek.com.
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 GoldSeek.com, its affiliates or advertisers. GoldSeek.com 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 GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.