State-backed miners have enjoyed the golden fruits of Chinese — and overseas — reserves.
China leads the world in gold production. Credit: Julia Berezovska/ Press office NBU, Creative Commons
Gold prices did what they often do in times of economic turmoil in 2020, surging to a record high above $2,000 an ounce by August as investors sought out the traditional safe-haven commodity. Demand for the yellow metal was particularly high among exchange-traded funds, although interest faded as pandemic-related uncertainty receded later in the year.
For Chinese gold producers, like their counterparts elsewhere, the initial surge in prices was a boon nevertheless. China leads the world in gold production, with the country’s reserves concentrated in the eastern Shandong province, where many top Chinese gold miners are based. Starting from 2015, Chinese companies have also made significant investments in gold mines overseas.
This week, The Wire looks at China’s role in the global gold market, including its top producers and who backs them.
The World in Gold
Data: U.S. Geological Survey
China, Australia, and Russia have been consistent leaders in gold produ
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