The Perth Mint has expanded the market for Australian gold in China with its recent appointment as an International member of Shanghai Gold Exchange (SGE).
As an International member of SGE, The Perth Mint would now also gain access to an extensive network of gold distributors trading directly on the SGE platform throughout China.
A year on from the launch of Perth’s virtual Heart of Gold Discovery Trail, a Mandarin translation of the self-guided walking tour will be released at an exclusive first-look event on Friday 30 November.
Gold Industry Group Chairman and Perth Mint CEO Richard Hayes with special guest the Minister for Mines and Petroleum and Asian Engagement the Hon. Bill Johnston MLA, will host leading travel agencies, tourism operators and media to be first to experience the interactive gold adventure in Mandarin via the Heart of Gold Australia app.
ABC Refinery is now officially accredited by the Shanghai Gold Exchange (SGE), making it one of only seven international companies who can sell gold into the world’s top gold consuming nation.
A crucial network for trading gold in China, all official gold sales within China must occur through the SGE making it the primary gateway into the world’s largest gold market worth over A$341 billion annually.
The Perth Mint has created a strong new market for Australian gold producers with Chinese investors now buying more than 230 tonnes of Australian gold bullion, worth $11 billion, on the Shanghai Gold Exchange every year.
In our last article on gold supply, we mentioned that one needs to be careful applying conventional commodity supply/demand analysis to gold.
Unlike many commodities, the share of industrial uses is very small, less than 10%. Most gold demand is either jewellery or investment of one sort or another.