China digs up thousands of tonnes of rock and ore each year, but it still cannot produce enough gold to keep up with the country’s soaring demand. Despite being the world’s biggest gold producer since 2007, China’s supply shortfall has deepened by nearly 10 times during the past four years.
Chinese investors remain attracted to all that glitters, even as the price of gold has soared. “The shortage in supply has been deepening very fast from 48 tonnes in 2007 to 400 tonnes in 2011,” said Song Xin, chief executive of China Gold International, the listing unit of China National Gold, one of the country’s biggest gold producers.
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