Well according to information released in India recently it might be a lot less than we first thought, six to be precise.
Just six gold traders accounted for up to forty percent of the total gold imported into India during April – September 2014, according to government analysis. The six firms imported 7.57 tonnes of gold in April, which shot up to 47.26 tonnes in September. India imported 95.6 tonnes of gold in September, more than double of 42.2 tonnes in April. The government is apparently still considering imposing curbs on gold importation to prevent the current account deficit (CAD) deteriorating.
Gold imports into India rocketed by close on 400 percent to USD 4.17 billion in October, from USD 1.09 billion in the same month in 2013. Gold imports have reached 150 tonnes in October, versus 24 tonnes during the same period in 2013.
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It may come as a surprise to many precious metal investors to learn that Australia is the globe’s second largest gold mining country. What’s more surprising is that its escalation of gold exports to China has ballooned over the past three years. And According to the Australian Government Bureau of Resources and Energy Economics China imported 31 metric tonnes of gold from Australia in 2011 as Australia produced 259 tonnes of gold in 2011.
In 2012, Australian gold exports to China increased threefold to 110 tonnes, 44% of the 251 tonnes gold mined. Inside two years Australian gold exports to China increased from 12% of its mining supply in 2011, to 66% in 2013. Year to date gold exports to China are down little, despite the sell off in 2013/2014, only down 8 tonnes (6%). According to the Australian Govt September 2014 Quarterly Report (during the past three years) gold exports to China increased by 1173 percent and the share of exports to China increased from 5 percent in 2010, to 64 percent in 2013.
Gold futures were heading for their biggest loss in two weeks on Wednesday morning after a poll showed Swiss voters could reject the initiative requiring the SNB to hold at least 20 percent of assets in bullion. About 47 percent of voters may vote “no” on the Swiss National Bank measure, according to the GFS.BERN poll for Swiss public broadcaster SRF.
Gold futures for December delivery fell 1.5 percent to $1,178.80 on the Comex in New York in the morning session, shortly after the release of the Swiss poll, heading for the biggest loss since Nov. 5th. However, subsequent to the release of the latest FOMC minutes, gold recovered. Gold futures for December delivery lost 0.3 percent on the day to finish at $1,193.90 an ounce on Wednesday on Comex. Gold fell to $1,130.40 on Nov. 7th, the lowest level since April 2010.