China becomes world's top gold buyer

With one of the largest and fastest growing economies in the world, it comes to no surprise that China and India are the world’s top gold consumers. Purchasing over 798 tonnes of gold so far this year, the World Gold Council estimates that China will top 1,000 tonnes by the end of this year alone. Although growth may seem to be slowing after decades of rapid expansion, the Chinese middle class have yet to curb their spending habits. Making up a large chunk of the country’s 1.5 billion people, the Chinese’s driving demand for higher carat and heavier pieces of gold jewellery ranks it as one of the top investments in the country, alongside stocks and real estate. Often seen as a sort of safe haven when the economy is tumbling, gold holds no allegiance to any particular country and is often seen as a universally accepted currency. Although many criticize gold as dead money and is seen as a way of putting your money into money, I believe that hedging your wealth or even just speculating the price the rise based on certain events and demands is a poor way to invest an individual’s money.