Gold demand in China is set to rise 20 % in 2011

May 1, 2011 - PRLog -- Sahit Muja: Gold demand in China is set to rise 20  per cent in 2011
 Gold futures were up $58.20, or 3.87%, at $1,563.00 an ounce by the close while silver climbed over 2% as weakness in the U.S. dollar and concerns about inflation helped lure investors to precious metals.

Albanian Minerals predicts that Chinese consumption of gold may climb to 20 per cent  in 2011.
China, the world’s second-biggest economy boosted gold consumption to 580 metric tons in 2010 from 200 tons in 2000.

The demand and price of gold both rose whenever there was a risk of currency devaluation.
Banks and  investors worldwide view gold as a safe heaven that will keep their assets safe.

Higher rates of inflation in China, India and Europe Union lead to rise of gold prices.

Huge profits in China's banks will give a boost  to gold prices.
China’s largest state-owned banks continued to earn strong profits in the first quarter  Industrial and Commercial Bank of China , the world’s biggest bank by market value, reported a first quarter net profit of Rmb 53.8bn up 29 per cent from the same period on 2010.

International Bank of China  profit is up to of 33.4bn, up 27.7 per cent from a year earlier.
China Citic Bank Corp., the lending unit of the nation’s largest investment firme said first-quarter profit climbed 51 percent, beating analysts’ estimates, as lending and fee income increased.

Bank of China Ltd., one of the country's four major state-owned commercial lenders, said its first-quarter profit jumped 28 percent on growth in higher interest and fee income.
Profit for the three months ending March 31 was 35 billion yuan.

ICBC’s net profit rose 32 percent from a year earlier in the fourth quarter of last year, while BOC’s profit rose 34 per cent in the same period.

Agricultural Bank of China  said its first quarter net profit grew 36 percent from a year earlier .

Devaluation of the dollar, economic problems, political tensions, inflation, and exchange rates are other factors that have also contributed on rising gold prices.  


Sahit Muja
President and CEO
Albanian Minerals
New York

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Albanian Minerals is Metal Mining and trading Company one of fastest growing mineral company in Europe