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China.org/5-1-2020
“China’s gold market grew substantially in the first quarter (Q1) of 2020 as investors sought safe-haven assets amid the COVID-19 outbreak, according to the China Gold Association (CGA). The combined turnover of all gold products on the Shanghai Gold Exchange (SGE) soared 54.08 percent to 6.4 trillion yuan (about 907 billion U.S. dollars) in Q1, the CGA data showed.”
USAGOLD note: We suspect that gold demand throughout Asia will spike as lockdowns are lifted. The World Gold Council reported investment demand in the West up and jewelry demand in Asia down for the first quarter. One wonders what might happen with already stressed bullion supplies if both demand sources run strong the rest of 2020.