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中國(guó)是全球最大的黃金需求國(guó)，每年都有大量的黃金被進(jìn)口到中國(guó),，那么,，這些黃金從何而來(lái)呢？
BullionStar分析師Koos Jansen指出,，要知道中國(guó)市場(chǎng)真正黃金需求,，可以看兩方面的數(shù)據(jù)，首先是世界黃金協(xié)會(huì)(WGC)的需求趨勢(shì)報(bào)告,，其次則是上海黃金交易所(SGE)的黃金交割數(shù)據(jù),。
China is the world's largest gold consumer, and a huge amount of gold is imported into the country every year, so where does it come from?
BullionStar analyst Koos Jansen pointed out that to know the real gold demand in the Chinese market, you can look at two aspects of the data, the first is the World Gold Council (WGC) demand trend report, and the second is the Shanghai Gold Exchange (SGE) gold delivery data.
Jansen指出,，從上述數(shù)據(jù)來(lái)看，今年前三季度中國(guó)總計(jì)凈進(jìn)口了777噸黃金,，也就是今年全年的進(jìn)口量將在1036噸左右,。
就今年而言，被進(jìn)口到中國(guó)大陸的黃金主要來(lái)自瑞士和中國(guó)香港,。
9月瑞士?jī)舫隹诹?8噸黃金到中國(guó),，前三季度中國(guó)總計(jì)從瑞士進(jìn)口了221噸，同比下降4%,。
從圖表可以看出,，雖然瑞士每個(gè)月都會(huì)有黃金被出口到中國(guó)，但實(shí)際上,，大部分時(shí)候瑞士反而是凈進(jìn)口方,，因瑞士是全球黃金加工中心，反而有很多黃金被進(jìn)口到瑞士,。
結(jié)合歐洲統(tǒng)計(jì)局(Eurostat)和美國(guó)地質(zhì)調(diào)查局(USGS)數(shù)據(jù)來(lái)看,，從瑞士被出口到中國(guó)的黃金有很多個(gè)來(lái)源。
譬如在今年1月,，英國(guó)出口了大量黃金到瑞士,，而這其中顯然會(huì)有不少再被出口到中國(guó)。6月則有大量美國(guó)黃金被出口到瑞士,，而9月有大量中東地區(qū)黃金被出口到瑞士,，這些黃金都有可能被最終再出口到中國(guó)。
再看香港統(tǒng)計(jì)局的數(shù)據(jù),，數(shù)據(jù)顯示,，9月香港地區(qū)出口了30噸黃金到中國(guó)大陸，環(huán)比下降8%,，同比大降44%,，前三季度有515噸黃金從香港地區(qū)被出口到中國(guó)大陸，同比下降15%,。
Switzerland exported a net 18 tonnes of gold to China in September, bringing China's total imports from Switzerland to 221 tonnes in the first three quarters, down 4% from a year earlier.
As you can see from the chart, although Switzerland exports gold to China every month, in fact, most of the time Switzerland is a net importer, because Switzerland is a global gold processing center, a lot of gold is imported to Switzerland.
According to data from Eurostat and the United States Geological Survey (USGS), gold exports from Switzerland to China come from a variety of sources.
For example, in January this year, the UK exported a large amount of gold to Switzerland, and a lot of this will obviously be exported to China. In June, a large amount of US gold was exported to Switzerland, and in September, a large amount of Middle Eastern gold was exported to Switzerland, which is likely to be eventually re-exported to China.
Looking at the data of the Hong Kong Bureau of Statistics, the data show that in September, Hong Kong exported 30 tons of gold to the Chinese mainland, down 8% from the previous quarter, down 44%, the first three quarters of 515 tons of gold from Hong Kong was exported to the Chinese mainland, down 15%.
和瑞士相似,，香港也是一大黃金交易中心，因此香港地區(qū)黃金的來(lái)源也是多種多樣的,。
從2013年到2015年年中,，香港地區(qū)進(jìn)口了大量黃金，主要來(lái)源是瑞士和英國(guó),，而從香港地區(qū)進(jìn)口最多黃金的則是中國(guó)大陸,。
此后，西方國(guó)家出口到香港的黃金逐漸減少,，但中國(guó)大陸的進(jìn)口量基本維持,，因此香港地區(qū)成為了凈出口黃金的地區(qū),。在這種狀況持續(xù)幾年之后，香港地區(qū)本身還持有多少黃金則成為一個(gè)謎團(tuán),。
從2002年到2008年間,，香港地區(qū)一直是處在黃金凈出口狀態(tài)中的，之后到2015年為止,，則轉(zhuǎn)而成為凈進(jìn)口方,，但在2015年之后，再次變?yōu)閮舫隹诜健?br /> Like Switzerland, Hong Kong is also a major gold trading center, so the sources of gold in the region are diverse.
After several years of this, it is a mystery how much gold Hong Kong itself still holds.
From 2002 to 2008, Hong Kong was a net exporter of gold, then switched to being a net importer until 2015, and then became a net exporter again after 2015.
值得注意的是,，Comex有一個(gè)1公斤金條的黃金合約，其交割地點(diǎn)是在香港,，這一合約的交易量很小,，因此交割量也很小。但與此同時(shí),，該合約的金庫(kù)吞吐量卻相當(dāng)驚人,。
Jansen指出，可以看出該金礦中1公斤金條的進(jìn)庫(kù)量和交割量與香港地區(qū)對(duì)中國(guó)大陸的黃金進(jìn)出口量是有很大相關(guān)性的,。
也就是說(shuō),，香港地區(qū)是中國(guó)大陸主要的黃金來(lái)源地區(qū)，而香港地區(qū)的黃金來(lái)源于多個(gè)國(guó)家,。
從圖中可以看出,，香港地區(qū)進(jìn)口的黃金中，最多的是來(lái)自瑞士,、南非,、美國(guó)、澳大利亞和菲律賓等國(guó),。而這些黃金很大一部分都最終被再出口到了中國(guó)大陸,。
除了瑞士和香港地區(qū)，中國(guó)大陸黃金進(jìn)口來(lái)源第三的就是澳大利亞,、美國(guó),、日本和加拿大，今年至今分別進(jìn)口了20噸,、14噸,、3噸和4噸。
由此來(lái)看,，今年至今中國(guó)大陸進(jìn)口的這777噸黃金中,，515噸來(lái)自中國(guó)香港；221噸來(lái)自瑞士,；20噸來(lái)自澳大利亞,、14噸來(lái)自美國(guó),、3噸來(lái)自日本、4噸來(lái)自加拿大,。
此外,，中國(guó)還是全球最大的黃金生產(chǎn)國(guó)，而中國(guó)本身礦產(chǎn)的黃金是完全不出口的,，正因此,，中國(guó)國(guó)內(nèi)到底有多少黃金一直是國(guó)際市場(chǎng)在猜測(cè)的一個(gè)謎團(tuán)。
It is worth noting that Comex has a 1 kg bullion gold contract with a delivery point in Hong Kong, and the volume of this contract is very small, so the delivery volume is also very small. But at the same time, the contract's vault throughput is quite staggering.
As can be seen from the chart, Hong Kong imports the most gold from Switzerland, South Africa, the United States, Australia and the Philippines and other countries.
In addition to Switzerland and Hong Kong, China's third largest source of gold imports is Australia, the United States, Japan and Canada, which have imported 20 tons, 14 tons, 3 tons and 4 tons, respectively, so far this year.
Of the 777 tons of gold imported to China so far this year, 515 tons came from Hong Kong; 221 tons from Switzerland; 20 tons from Australia, 14 tons from the United States, 3 tons from Japan and 4 tons from Canada.
In addition, China is also the world's largest gold producer, and China's own gold minerals are not exported at all, which is why exactly how much gold in China has been a mystery in the international market.
據(jù)中國(guó)黃金協(xié)會(huì)數(shù)據(jù)顯示,，今年前三季度中國(guó)的黃金礦產(chǎn)總量為313噸,，那么加上777噸的進(jìn)口量，就是總計(jì)1090噸的供應(yīng)量,。同時(shí),，上海黃金交易所在前三季度交割了1505噸，那么意味著還有差不多415噸的黃金供應(yīng)來(lái)自廢料回收和投資撤資,。
Jansen認(rèn)為,，中國(guó)所持有的所有黃金量目前在16575噸，如果加上中國(guó)央行實(shí)際的黃金儲(chǔ)備可能有4000噸左右,，那么總計(jì)有20575噸左右的黃金,。
(黃金頭條)
According to the China Gold Association, China's gold mines totaled 313 tons in the first three quarters of this year, so adding 777 tons of imports makes a total supply of 1,090 tons. At the same time, the Shanghai Gold Exchange delivered 1,505 tonnes in the first three quarters, which means that almost 415 tonnes of gold supply came from scrap recycling and investment divestment.
Jansen believes that China's total gold holdings currently stand at 16,575 tonnes, and if you add in the fact that the Chinese central bank's actual gold reserves may be around 4,000 tonnes, the total is around 20,575 tonnes of gold.
BullionStar分析師Koos Jansen指出,，要知道中國(guó)市場(chǎng)真正黃金需求,，可以看兩方面的數(shù)據(jù)，首先是世界黃金協(xié)會(huì)(WGC)的需求趨勢(shì)報(bào)告,，其次則是上海黃金交易所(SGE)的黃金交割數(shù)據(jù),。
China is the world's largest gold consumer, and a huge amount of gold is imported into the country every year, so where does it come from?
BullionStar analyst Koos Jansen pointed out that to know the real gold demand in the Chinese market, you can look at two aspects of the data, the first is the World Gold Council (WGC) demand trend report, and the second is the Shanghai Gold Exchange (SGE) gold delivery data.
Jansen指出,，從上述數(shù)據(jù)來(lái)看，今年前三季度中國(guó)總計(jì)凈進(jìn)口了777噸黃金,，也就是今年全年的進(jìn)口量將在1036噸左右,。
就今年而言，被進(jìn)口到中國(guó)大陸的黃金主要來(lái)自瑞士和中國(guó)香港,。
9月瑞士?jī)舫隹诹?8噸黃金到中國(guó),，前三季度中國(guó)總計(jì)從瑞士進(jìn)口了221噸，同比下降4%,。
從圖表可以看出,，雖然瑞士每個(gè)月都會(huì)有黃金被出口到中國(guó)，但實(shí)際上,，大部分時(shí)候瑞士反而是凈進(jìn)口方,，因瑞士是全球黃金加工中心，反而有很多黃金被進(jìn)口到瑞士,。
結(jié)合歐洲統(tǒng)計(jì)局(Eurostat)和美國(guó)地質(zhì)調(diào)查局(USGS)數(shù)據(jù)來(lái)看,，從瑞士被出口到中國(guó)的黃金有很多個(gè)來(lái)源。
譬如在今年1月,，英國(guó)出口了大量黃金到瑞士,，而這其中顯然會(huì)有不少再被出口到中國(guó)。6月則有大量美國(guó)黃金被出口到瑞士,，而9月有大量中東地區(qū)黃金被出口到瑞士,，這些黃金都有可能被最終再出口到中國(guó)。
再看香港統(tǒng)計(jì)局的數(shù)據(jù),，數(shù)據(jù)顯示,，9月香港地區(qū)出口了30噸黃金到中國(guó)大陸，環(huán)比下降8%,，同比大降44%,，前三季度有515噸黃金從香港地區(qū)被出口到中國(guó)大陸，同比下降15%,。
Switzerland exported a net 18 tonnes of gold to China in September, bringing China's total imports from Switzerland to 221 tonnes in the first three quarters, down 4% from a year earlier.
As you can see from the chart, although Switzerland exports gold to China every month, in fact, most of the time Switzerland is a net importer, because Switzerland is a global gold processing center, a lot of gold is imported to Switzerland.
According to data from Eurostat and the United States Geological Survey (USGS), gold exports from Switzerland to China come from a variety of sources.
For example, in January this year, the UK exported a large amount of gold to Switzerland, and a lot of this will obviously be exported to China. In June, a large amount of US gold was exported to Switzerland, and in September, a large amount of Middle Eastern gold was exported to Switzerland, which is likely to be eventually re-exported to China.
Looking at the data of the Hong Kong Bureau of Statistics, the data show that in September, Hong Kong exported 30 tons of gold to the Chinese mainland, down 8% from the previous quarter, down 44%, the first three quarters of 515 tons of gold from Hong Kong was exported to the Chinese mainland, down 15%.
和瑞士相似,，香港也是一大黃金交易中心，因此香港地區(qū)黃金的來(lái)源也是多種多樣的,。
從2013年到2015年年中,，香港地區(qū)進(jìn)口了大量黃金，主要來(lái)源是瑞士和英國(guó),，而從香港地區(qū)進(jìn)口最多黃金的則是中國(guó)大陸,。
此后，西方國(guó)家出口到香港的黃金逐漸減少,，但中國(guó)大陸的進(jìn)口量基本維持,，因此香港地區(qū)成為了凈出口黃金的地區(qū),。在這種狀況持續(xù)幾年之后，香港地區(qū)本身還持有多少黃金則成為一個(gè)謎團(tuán),。
從2002年到2008年間,，香港地區(qū)一直是處在黃金凈出口狀態(tài)中的，之后到2015年為止,，則轉(zhuǎn)而成為凈進(jìn)口方,，但在2015年之后，再次變?yōu)閮舫隹诜健?br /> Like Switzerland, Hong Kong is also a major gold trading center, so the sources of gold in the region are diverse.
After several years of this, it is a mystery how much gold Hong Kong itself still holds.
From 2002 to 2008, Hong Kong was a net exporter of gold, then switched to being a net importer until 2015, and then became a net exporter again after 2015.
值得注意的是,，Comex有一個(gè)1公斤金條的黃金合約，其交割地點(diǎn)是在香港,，這一合約的交易量很小,，因此交割量也很小。但與此同時(shí),，該合約的金庫(kù)吞吐量卻相當(dāng)驚人,。
Jansen指出，可以看出該金礦中1公斤金條的進(jìn)庫(kù)量和交割量與香港地區(qū)對(duì)中國(guó)大陸的黃金進(jìn)出口量是有很大相關(guān)性的,。
也就是說(shuō),，香港地區(qū)是中國(guó)大陸主要的黃金來(lái)源地區(qū)，而香港地區(qū)的黃金來(lái)源于多個(gè)國(guó)家,。
從圖中可以看出,，香港地區(qū)進(jìn)口的黃金中，最多的是來(lái)自瑞士,、南非,、美國(guó)、澳大利亞和菲律賓等國(guó),。而這些黃金很大一部分都最終被再出口到了中國(guó)大陸,。
除了瑞士和香港地區(qū)，中國(guó)大陸黃金進(jìn)口來(lái)源第三的就是澳大利亞,、美國(guó),、日本和加拿大，今年至今分別進(jìn)口了20噸,、14噸,、3噸和4噸。
由此來(lái)看,，今年至今中國(guó)大陸進(jìn)口的這777噸黃金中,，515噸來(lái)自中國(guó)香港；221噸來(lái)自瑞士,；20噸來(lái)自澳大利亞,、14噸來(lái)自美國(guó),、3噸來(lái)自日本、4噸來(lái)自加拿大,。
此外,，中國(guó)還是全球最大的黃金生產(chǎn)國(guó)，而中國(guó)本身礦產(chǎn)的黃金是完全不出口的,，正因此,，中國(guó)國(guó)內(nèi)到底有多少黃金一直是國(guó)際市場(chǎng)在猜測(cè)的一個(gè)謎團(tuán)。
It is worth noting that Comex has a 1 kg bullion gold contract with a delivery point in Hong Kong, and the volume of this contract is very small, so the delivery volume is also very small. But at the same time, the contract's vault throughput is quite staggering.
As can be seen from the chart, Hong Kong imports the most gold from Switzerland, South Africa, the United States, Australia and the Philippines and other countries.
In addition to Switzerland and Hong Kong, China's third largest source of gold imports is Australia, the United States, Japan and Canada, which have imported 20 tons, 14 tons, 3 tons and 4 tons, respectively, so far this year.
Of the 777 tons of gold imported to China so far this year, 515 tons came from Hong Kong; 221 tons from Switzerland; 20 tons from Australia, 14 tons from the United States, 3 tons from Japan and 4 tons from Canada.
In addition, China is also the world's largest gold producer, and China's own gold minerals are not exported at all, which is why exactly how much gold in China has been a mystery in the international market.
據(jù)中國(guó)黃金協(xié)會(huì)數(shù)據(jù)顯示,，今年前三季度中國(guó)的黃金礦產(chǎn)總量為313噸,，那么加上777噸的進(jìn)口量，就是總計(jì)1090噸的供應(yīng)量,。同時(shí),，上海黃金交易所在前三季度交割了1505噸，那么意味著還有差不多415噸的黃金供應(yīng)來(lái)自廢料回收和投資撤資,。
Jansen認(rèn)為,，中國(guó)所持有的所有黃金量目前在16575噸，如果加上中國(guó)央行實(shí)際的黃金儲(chǔ)備可能有4000噸左右,，那么總計(jì)有20575噸左右的黃金,。
(黃金頭條)
According to the China Gold Association, China's gold mines totaled 313 tons in the first three quarters of this year, so adding 777 tons of imports makes a total supply of 1,090 tons. At the same time, the Shanghai Gold Exchange delivered 1,505 tonnes in the first three quarters, which means that almost 415 tonnes of gold supply came from scrap recycling and investment divestment.
Jansen believes that China's total gold holdings currently stand at 16,575 tonnes, and if you add in the fact that the Chinese central bank's actual gold reserves may be around 4,000 tonnes, the total is around 20,575 tonnes of gold.
