China, the world’s largest gold producer, could have record demand and output this year as jewelry consumption soars and miners expand production after prices reached all-time highs, the China Gold Association said.
The country’s gold demand may be more than 450 tonnes this year, up from 395.6 tonnes last year and output could climb to 310 tonnes, compared with 282 tonnes a year earlier, Zhang Yongtao (張永濤), deputy secretary-general of the association, said at a conference in Kunming, Yunnan Province, yesterday.
Annualized growth in China’s gold production was 9.5 percent in the past eight years, he said.
China overtook South Africa to become the world’s largest producer in 2007 and the World Gold Council said in July that the nation may pass India as the biggest consumer.
Bullion touched a record of US$1,195.13 an ounce on Thursday as a weaker dollar drove demand for precious metals as an alternative asset.
“The inflation concern this year has boosted the Chinese consumer demand for things like property, autos and gold,” Zhou Shijian, professor at Tsinghua University, said yesterday.
Bullion, up 34 percent this year, is set for a ninth annual gain as central banks, pension funds and individual buyers seek to protect their assets from potential currency debasement and inflation. Gold may climb to US$1,500 an ounce as the dollar falls amid low interest rates, Kenneth Tropin, chairman of Graham Capital Management, told Barron’s in its issue released today.
Gold for immediate delivery declined 0.9 percent to US$1,177.63 an ounce on Friday as commodities slumped the most this month after Dubai sought to defer some debt payments, rattling investors and spurring a dollar rally. Bullion found support from IMF sales to central banks.
Sri Lanka bought 10 tonnes from the IMF for about US$375 million, the IMF said, following India and Mauritius.
“Record prices boosted profitability of Chinese miners, giving them [an] incentive to expand production,” the gold association’s Zhang said in a speech.
Shares of Chinese mining companies have jumped this year with Zijin Mining Group Co (紫金礦業集團), the nation’s largest gold producer, more than doubling, outpacing a 70 percent gain in the benchmark Shanghai Composite Index.
Nvidia Corp yesterday unveiled its new high-speed interconnect technology, NVLink Fusion, with Taiwanese application-specific IC (ASIC) designers Alchip Technologies Ltd (世芯) and MediaTek Inc (聯發科) among the first to adopt the technology to help build semi-custom artificial intelligence (AI) infrastructure for hyperscalers. Nvidia has opened its technology to outside users, as hyperscalers and cloud service providers are building their own cost-effective AI chips, or accelerators, used in AI servers by leveraging ASIC firms’ designing capabilities to reduce their dependence on Nvidia. Previously, NVLink technology was only available for Nvidia’s own AI platform. “NVLink Fusion opens Nvidia’s AI platform and rich ecosystem for
WARNING: From Jan. 1 last year to the end of last month, 89 Taiwanese have gone missing or been detained in China, the MAC said, urging people to carefully consider travel to China Lax enforcement had made virtually moot regulations banning civil servants from making unauthorized visits to China, the Control Yuan said yesterday. Several agencies allowed personnel to travel to China after they submitted explanations for the trip written using artificial intelligence or provided no reason at all, the Control Yuan said in a statement, following an investigation headed by Control Yuan member Lin Wen-cheng (林文程). The probe identified 318 civil servants who traveled to China without permission in the past 10 years, but the true number could be close to 1,000, the Control Yuan said. The public employees investigated were not engaged in national
CAUSE AND EFFECT: China’s policies prompted the US to increase its presence in the Indo-Pacific, and Beijing should consider if this outcome is in its best interests, Lai said China has been escalating its military and political pressure on Taiwan for many years, but should reflect on this strategy and think about what is really in its best interest, President William Lai (賴清德) said. Lai made the remark in a YouTube interview with Mindi World News that was broadcast on Saturday, ahead of the first anniversary of his presidential inauguration tomorrow. The US has clearly stated that China is its biggest challenge and threat, with US President Donald Trump and US Secretary of Defense Pete Hegseth repeatedly saying that the US should increase its forces in the Indo-Pacific region
ALL TOGETHER: Only by including Taiwan can the WHA fully exemplify its commitment to ‘One World for Health,’ the representative offices of eight nations in Taiwan said The representative offices in Taiwan of eight nations yesterday issued a joint statement reiterating their support for Taiwan’s meaningful engagement with the WHO and for Taipei’s participation as an observer at the World Health Assembly (WHA). The joint statement came as Taiwan has not received an invitation to this year’s WHA, which started yesterday and runs until Tuesday next week. This year’s meeting of the decisionmaking body of the WHO in Geneva, Switzerland, would be the ninth consecutive year Taiwan has been excluded. The eight offices, which reaffirmed their support for Taiwan, are the British Office Taipei, the Australian Office Taipei, the