Initial estimates are that Chinese gold imports could pop more than 400 tons in 2011, according to GFMS, a precious metals consultancy, and that's not counting all the gold produced in the country. China is currently the largest producer of gold in the world. According to Reuters, China National Gold, the largest state owned gold producer, said that gold demand would jump 22% in the next three years and would keep outpacing internal production. Gold mining stocks were rallying. Barrick Gold ( ABX) was up 0.95% at $47.62 while Newmont Mining ( NEM) was adding 1% to $56.41. Other gold stocks, Goldcorp ( GG) and AngloGold Ashanti ( AU) were trading at $50.18 and $45.22, respectively.
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