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Gold production in China zooms
by Commodity Online

BEIJING: Gold is glittering in China. China produced 152.505 mt of gold in the first seven months of 2008, up 5.22% from the same period a year ago.

According to figures from the China Gold Association, primary production from gold mines totaled 124.776 mt,up 5.28% year on year.

The major gold producing provinces in China are were Shandong, contributing 20.93% to the total output, Henan 11.19%, Fujian 8.03%, Inner Mongolia 3.99%, Hunan 3.99%, Gansu 3.30%, Shaanxi 3.23%, Guizhou 3.23%, Xinjiang 3.19% and Liaoning 3.09%, totaling 64.17%.

The value for the January-July gold output was Yuan 72.01 billion ($10.53 billion), up 90.60% from year on year.

Meanwhile, China's gold output was 23.41% in July which was estimated at a value of Yuan 11.83 billion. China produced 270.29 mt of gold in 2007.

According to GFMS Ltd, the world's above-ground stocks of gold at the end of 2007 were 161,000 tonnes. Jewelry makes up the largest component of this inventory. Much of this is in the form of 'monetary jewelry' – most popular in India and south-east Asia – for which the value is based upon the content of gold rather than its artistic value.

The total official gold holdings of the world's central banks represent over eighteen percent of the total inventory according to the Sept. 2008 release from the World Gold Council. That figure includes gold held by the International Monetary Fund and Bank of International Settlements. It stands at 29,783.9 metric tonnes.

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