Source: Photo.com
On July 28, at the 2024 China International Gold Conference jointly hosted by the China Gold Association and the World Gold Council, the China Gold Yearbook 2024 (hereinafter referred to as the "Yearbook") was officially released. It is reported that the yearbook was compiled by the China Gold Association.
The yearbook shows that in 2023, the mainland gold market will fully recover, showing a trend of both supply and demand. On the supply side, the output of finished gold has increased steadily, and the number of recycled gold and imported gold has increased significantly. Physical gold consumption, exports of gold jewellery and products, and official net purchases drove a rapid recovery in aggregate gold demand. In 2023, the external dependence of the mainland gold market will be 46.22%, a decrease of 0.55 percentage points from the previous year.
According to the yearbook, in 2023, the supply of gold in mainland China will be 1,782.42 tons, up 20.02% year-on-year. Among them, 519.29 tons of finished gold, accounting for 29.13%; 551.13 tons of recycled gold, accounting for 30.92%; 712 tons of imported gold, accounting for 39.95%. Imported gold remains the mainland's largest source of gold supply.
In 2023, China's total gold demand was 1,722.3t, up 13.55% y-o-y. Among them, in terms of consumer demand, the mainland continued to be the world's largest gold consumer, with gold consumption demand reaching 1089.69 tons, accounting for 63.27% of the total demand; the export of gold jewelry and products was 262.76 tons, accounting for 15.26% of the total demand; investment demand for gold was 144.97 tons, accounting for 8.42% of total demand; Official net buying was 224.88t, accounting for 13.06% of total demand.
The yearbook expects the average annual price of gold to rise by 16% to $2,250 an ounce in 2024. Looking ahead to gold supply, the yearbook shows global mineral gold production is expected to grow by 3% to 3,749t in 2024, with production rising in all regions except Oceania and Europe; Global recycled gold supply is expected to rise by 5% in 2024, reaching its highest level since 2012.
Chinese gold companies registered in 2019
As of December 7, 2023, there were 513416 major companies in China's gold industry, with 2019 being the main registration boom, with 42,200 registered companies in that year and 35,231 in 2023, according to the Chinese enterprise database Qichamao.
Comparison of gold business plans of listed companies in the gold industry
From the perspective of the gold business plan of listed companies in the gold industry, all enterprises have basically put forward production and operation plans for gold production in 2023, and continue to increase the acquisition of domestic and foreign gold resources, and the gold business plans of listed companies are as follows:
"On the whole, the current gold price is running at a high level, we should look at and respond rationally, and be alert to the risk of market fluctuations." Zhang Yongtao, Secretary of the Party Committee, Vice President and Secretary-General of the China Gold Association, suggested that gold production and operation enterprises should be cautious when hedging and other operations to avoid the risk of gold price changes, and gold consumers should enhance their awareness of risk prevention and control and invest rationally when investing.
Note: This article is for content purposes only and does not constitute any investment advice.
Prospective Economist APP Information Group
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