Record gold demand in Asia, particularly China and India, has been a hot topic in the precious metals market over the past year. What hasn’t received as much press is the booming gold trade in the Middle East. The biggest news from that region is the soon-to-be largest gold refinery in the world, currently under development by Kaloti Metals in Dubai. The refinery will have an annual capacity three times the size of any other in the region. Here’s what the founder of the company had to say about it in a report produced by Reuters and shared by Yahoo! News:
“Right now, Dubai represents 11% of the world’s gold business. The expectation for 2020 is that this percentage will grow to become the highest in the world at around 39%… Dubai’s future as a world hub for gold business is very promising. As an investment, demand for gold will go on forever. There’s nothing that can replace it.”
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Dubai Angling to Become World’s Largest Gold Hub (Video)
Record gold demand in Asia, particularly China and India, has been a hot topic in the precious metals market over the past year. What hasn’t received as much press is the booming gold trade in the Middle East. The biggest news from that region is the soon-to-be largest gold refinery in the world, currently under development by Kaloti Metals in Dubai. The refinery will have an annual capacity three times the size of any other in the region. Here’s what the founder of the company had to say about it in a report produced by Reuters and shared by Yahoo! News:
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!