ICBC to set up gold vehicle for the Chinese public

ICBC and World Gold Council working in partnership to set up public gold vehicle.

Category:

Nonprofits & Activism

Tags:

• banking
• gold
• china
• icbc

[2011rcm]

The World Gold Council does their own arithmetic on how much gold the Chinese can consume: “In 2009, per capita gold consumption in China was 0.33 grams, up from 0.17 grams in 2002.” Based on this data total Chinese gold consumption could range from 1,000 tonnes per year or more. This implies that the Chinese could consume almost half of the gold produced globally on an annual basis.

[2011rcm]

The ICBC GAP program has captured the investing public in China. One million accounts have already been opened since the program launched on April 1st, resulting in the purchase of over 10 tonnes of gold thus far. According to press releases, the ICBC GAP plan was taken up by a mere 20% of total depositors at ICBC, and was only launched in select Chinese cities during the test phase. The ICBC bank happens to be the largest consumer bank on earth with approximately 212 million separate accounts.