China produces most gold in world for nine straight years
By GCRU Gold News on Wednesday, July 27 2016, 23:08 - Permalink
China has produced the most gold in the world for nine straight years now. That's according to a report Tuesday from the China Gold Association.
The association says China produced 450 tons of gold in 2015, accounting for 14 percent of the world's total. The association also says China was the only country with an output level of more than 400 tons.
China also has a vast amount of gold that's not yet been mined. The total explored volume of unmined gold within China stood at about 12,000 tons at the end of 2015. That ranked China second in the world for a 12th straight year.
The Shanghai Gold Exchange had a transaction volume of 34,000 tons in 2015, jumping 90 percent year on year. The Shanghai market is now the world's biggest gold exchange.
"China's gold market is booming. The transaction volume in the Shanghai Gold Exchange is rising rapidly, both spot and future. This means that the stature and influence of China's gold market is increasing," said Song Xin, president, China Gold Association.