Global Gold Demand Up U.S. Dollar Down

China the world’s largest gold producer is set to break records for both production and consumption of gold. China over took South Africa, in 2007, to become the World’s largest producer of gold.

“Gold demand may be more than 450 metric tons compared with 395.6 tons in 2008, and output may climb to 310 tons, compared with 282 tons a year earlier, Zhang Yongtao, deputy secretary- general of the association, said at a conference in Kunming yesterday.”
Source: Bloomberg News

Gold is now flirting with a $1,200 an ounce (11-26-09). The continued weak U.S. Dollar could push a $1,500 an ounce sooner than later.

“The inflation concern this year has boosted the Chinese consumer demand for things like property, autos and gold…” This demand for hard goods vs. U.S. Dollar will most likely push China past India as the number one consumer of gold.

Read the full Story here:
Also, 60 Minutes did a story on Gold production from Congo and its tie in with the bloody conflict in that region. Story and video here:

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