SMM: according to the latest statistics of the China Gold Association, in the first half of 2020, domestic raw material gold production was 170.07 tons, a decrease of 10.61 tons compared with the same period in 2019, a decrease of 5.87 percent over the same period last year. Of this total, gold mineral gold reached 141.82 tons, and non-ferrous by-product gold reached 28.25 tons. In addition, imported raw materials produced 47.73 tons of gold in the first half of 2020, down 12.05 percent from the same period last year. If this part of imported raw materials is added to produce gold, the country produces a total of 217.80 tons of gold, down 7.30 percent from the same period last year.
At the beginning of 2020, affected by the COVID-19 epidemic, the cumulative output of gold in the country dropped sharply compared with the previous year, but since the second quarter, with the relief of the domestic epidemic, the rapid increase in the rate of resumption of work and the rapid rise in international gold prices, domestic gold production has returned to normal in an all-round way. Domestic gold production increased by 5.81% in the second quarter compared with the previous quarter.
In the first half of 2020, the top five provinces (regions) in mineral gold output were Shandong, Henan, Yunnan, Inner Mongolia and Shaanxi, with a total output of 57.69 tons, accounting for 40.68% of the national total. The output of mineral gold has declined in most provinces (regions). Among them, the output of mineral gold in Hubei, Anhui and Guizhou provinces has all decreased by more than 20% due to the COVID-19 epidemic; on the other hand, the output of mineral gold has increased by more than 25% in Tibet, Qinghai and Hebei provinces (regions), which are less affected by the epidemic and the increase in production capacity.
In the first half of 2020, although affected by the COVID-19 epidemic, the key gold enterprises (groups) still showed a good momentum of development. Shandong Gold Group has successfully ranked among the top 10 global gold mining companies, and made an offer for Australia's Cartino Resources after signing a contract to acquire a 100% stake in Canada's Termik Resources Company. Zijin Mining Group completed the acquisition of Guyana Jintian Co., Ltd., and then acquired a 50.1% stake in Julong Copper, resulting in another substantial increase in resource reserves. Changchun Gold Research Institute, a subsidiary of China Gold Group, has realized the industrialization of gold nanocomposites, filling the gap in the domestic market; at the same time, with Zhenfeng County in Guizhou Province officially withdrawing from the sequence of poor counties, all the poverty-stricken counties designated by China Gold Group have been lifted out of poverty. Shandong Zhaojin Group has carried out activities such as "Green Enterprise (Mine) deepening Construction year" to actively build a safety and environmental protection development system in the new era.
In the first half of 2020, the actual consumption of gold in the country was 323.29 tons, down 38.25% compared with the same period in 2019. Of this total, gold jewelry was 207.87 tons, down 42.06 percent from the same period last year; gold bars and coins were 76.98 tons, down 32.12 percent from the same period last year; and industrial and other items were 38.44 tons, down 25.16 percent from the same period last year. Affected by multiple factors such as epidemic prevention and control, slowing economic growth and rising gold prices, gold consumption fell sharply in the first half of the year. However, after entering the second quarter, as the domestic epidemic prevention and control situation continued to improve and various policies to promote consumption took effect, gold consumption continued to pick up, and the year-on-year decline in gold consumption in the second quarter was 22 percentage points lower than that in the first quarter. At the same time, the consumption mode of gold jewelry is also constantly innovating, retail enterprises continue to carry out various forms of online marketing, while processing enterprises continue to develop new lightweight gold jewelry under the stimulation of rising prices. the pursuit of higher profit space at the same time also caters to the aesthetic needs of young consumers. Although the overall consumption of gold in the first half of the year is not ideal, the performance of gold coins is still impressive, with sales of gold coins declining only slightly in the second quarter. In addition, with the rise of gold prices and continued high operation, some investors choose to repurchase after seeing the profit space, gold repurchase business is becoming increasingly hot, gold repurchase volume in the first half of the year increased by 162.88% compared with the same period last year. Due to the prevention and control of the epidemic and the popularity of offline buyback business, the volume of gold online buyback business has also increased significantly.
In the first half of 2020, under the influence of the conflict between the United States and Iraq, the spread of COVID-19 epidemic, the collapse of crude oil prices and monetary easing policies of various countries, the price of gold showed an upward trend as a whole. International gold prices have continued to rise since the start of the year at US $1517.18 / oz and closed at US $1780.72 / oz at the end of June, with an average price of US $1645.42 / oz in the first half of the year, up 25.94 per cent from the same period last year. Au9999 gold on the Shanghai Gold Exchange opened at 341.95 yuan / g and closed at 397.75 yuan / g at the end of June. the average price in the first half of the year was 369.09 yuan / g, an increase of 28.28% over the same period last year. It is worth noting that the domestic gold price reached 399.80 yuan / g on May 18, a record high since 2011, and then hovered around 400 yuan / g.
In the first half of 2020, the cumulative turnover of all gold varieties on the Shanghai Gold Exchange was 33800 tons bilateral (unilateral 16900 tons), an increase of 13.28 percent over the same period last year, and the bilateral turnover was 12.43 trillion yuan (6.22 trillion yuan unilateral), an increase of 44.03 percent over the same period last year. The cumulative turnover of all gold varieties in the Shanghai Futures Exchange was 43000 tons bilateral (unilateral 21500 tons), an increase of 42.48 percent over the same period last year, and the bilateral turnover was 15.4 trillion yuan (7.7 trillion yuan unilateral), an increase of 74.17 percent over the same period last year. In the first half of the year, the domestic gold ETF holdings increased by 10.76t, and by the end of June, the domestic gold ETF holdings reached 55.47t. The official listing of the three gold ETF funds of Qianhai Open Source, Huaxia and ICBC Credit Suisse increased the number of domestic gold ETF products to seven. In addition, there are four "Shanghai Gold" as the trading target of the EFT fund is about to be listed, when the domestic gold ETF products will increase to 11. Affected by the safe-haven demand for funds in the capital market caused by the spread of the COVID-19 epidemic and inflation worries caused by loose monetary policy, the risk aversion and inflation-fighting functions of gold have been highlighted, gold trading volume has increased sharply, and investment products such as gold ETF have been sought after.
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