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TheStreet: China "Exporting GDP" to Buy Gold

LONDON, 10 February 2012 - BullionVault's head of research, Adrian Ash, is quoted today in a report on the latest gold-price action from in New York.

Pointing to Chinese demand as central to gold's underlying trend, "Ash thinks there will be a shift towards a higher proportion of GDP going to households," writes senior reporter Alix Steel.

In the absence of a welfare state, householders "are going to make their own provisions" for retirement, says Adrian, and they are increasingly buying physical gold for a portion of their savings.

"The downside to this is China is forced to import a lot of gold...427 tons in 2011, which essentially amounts to exporting GDP to 'satisfy internal demand,' says Ash."

You can read the full report on TheStreet...

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