Tsuen Wan International: Gold could top $1,600 by the end of 2011 – GFMS.

May 30, 2011 - PRLog -- The precious metals consultancy, specializing in global gold, silver, platinum and palladium market research has told Tsuen Wan International that gold's decade-long price rally may well take the metal above $1,600 an ounce by the end of the year.

The consultancy said that the globe’s biggest gold bar and coin consumer China was likely to import more gold this year.

The firm’s executive chairman, Philip Kalpwijk, told Tsuen Wan International that Chinese demand for gold bars and coins as private investments could push bullion imports above 400 tons this year.


The growing appetite for silver investment products, together with a forecast 16% annual growth in industrial demand, means China's total silver consumption could also outstrip domestic supply this year, he added.


“There is a widening demand for silver as an investment in China because of its lower entry point. It is also being increasingly recognized as a physical investment asset, which will support demand," Kalpwijk informed Tsuen Wan International at recent conference in Singapore.

The Chinese government does not divulge official statistics for gold imports but the World Gold Council indicated that the country produced 340 tons last year.

Total consumption for 2010 was around 700 tons, leaving a difference of about 300 tons which would have had to have been made up either by imports or sales of existing stocks.

The increase in imports, which jumped fivefold last year, has positioned China, already the largest bullion miner in the world, as a major overseas buyer. GFMS predicts that imports will continue to grow at a vigorous pace in spite of strong gold prices.

# # #

Tsuen Wan International is a leading independent investment company, based in the heart of Hong Kong. Tsuen Wan International offers a variety of investment products for institutional, corporate and high net worth investors in equity debt and FX markets.