The Chinese state could be behind a surge in gold imports that will see China overtake India as the world’s largest consumer of the metal, according to one of the sector’s most influential investors.
Evy Hambro, chief investment officer of BlackRock’s Natural Resources Equity team, said the investment community had been surprised by the amount of gold flowing into China given its spot as the world’s biggest gold producer.
“The total amount of gold being consumed in China is a gigantic quantum, and you have to wonder where that gold is going,” he said in an interview with the Financial Times. “Is it going on to wrists, ears and necks or is it going into state reserves?”
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