Chinese demand for Australian gold tops $11 billion
- Published: Aug 8, 2017, 8 PM
The Chinese appetite for Australian gold is worth at least $11 billion annually, according to the Perth Mint.
Chinese investors are buying more than 230 metric tons of Australian gold bullion, worth $11 billion, on the Shanghai Gold Exchange every year, the Perth Mint announced.
Chief Operating Officer David Woodford said the quality of Australian gold and the certainty of its supply has contributed to a dramatic increase in gold exports to China in recent years.
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“In 2014, The Perth Mint became the first foreign refinery accredited on the Shanghai Gold Exchange and we have worked steadily to establish this new market,” said Woodford. “Today we are on track to achieve our goal of becoming the biggest source of imported gold in the Chinese market and that is great news for Australian gold producers and Australian mine workers.”
Australian gold exports into China have more than doubled from 110 metric tons in 2011 to 232 metric tons in the past year. Over the past 12 months alone, growth has been more than 8 percent.
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Woodford said the Perth Mint had established direct distribution networks with both local Chinese banks and international banks operating across China.
“The majority of our exports are in the form of [1 kilogram] gold bullion bars which are certified at 99.99 per cent purity,” he said. “Our direct relationships with the banks have enabled us to lift our sales volumes and we are confident this market will continue to grow.”
Australia is the second largest producer of gold in the world after China, and the Perth Mint is focused on maximizing export income from gold production.
“The Perth Mint has an established international reputation for excellence in refining and minting precious metals,” Woodford said. “In the past year, we refined more than 330 tonnes [metric tons] of gold and 540 tonnes of silver. We are focused on promoting the Australian gold industry to the world to build long term markets which will bring real benefits to Australian producers and workers for decades to come.”
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