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Ray Jia

Ray Jia

Research Manager

World Gold Council

Ray joined the World Gold Council in early 2019, and works within the Market Intelligence Group as the China region research manager. He previous held position with China Industrial Futures Ltd, focusing on the market analysis for major commodities classes and international macros for both individual and institutional investors.

Ray has a Bachelor’s degree in Corporate Finance from the Adelaide University in Australia, and a Master degree of Investment from Pace University in US.

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Ray Jia
Ray Jia
Research Manager
World Gold Council

What does China’s economic revival mean for gold?

Gold demand in China, in particular, investment demand, has benefited from rising concerns for the economy as well as the lowered opportunity cost amid the COVID-19 outbreak and the central bank’s response to it. But with signs of a potential economic recovery emerging, can we expect gold’s attractiveness as a safe haven in China to fade? We believe that the answer is ‘No’.

Ray Jia
Ray Jia
Research Manager
World Gold Council

Chinese New Year: what does it mean for China’s physical gold market?

On 25th January 2020, people throughout China will celebrate the start of a new year – the most important festival in the Chinese lunar calendar. This will kick off Year of the Rat and begin another rotation of the twelve zodiac signs. Most people are already in a festive mood, and, as a result, so is China’s gold market.

Ray Jia
Ray Jia
Research Manager
World Gold Council

The first exchange-traded gold option in China

China’s first exchange-traded gold future’s option was listed on 20th December 2019 on the Shanghai Futures Exchange (SHFE). While gold options already existed in China, these were traded over-the-counter (OTC) on the OTC market platform at the Shanghai Gold Exchange (SGE) and linked to physical gold products.

Ray Jia
Ray Jia
Research Manager
World Gold Council

Takeaways from 2019 Annual Precious Metals Conference

Co-hosted by China Gold Association, World Gold Council, Shanghai Gold Exchange, Shanghai Futures Exchange and the Shanghai Gold and Jewellery Association, the 2019 Annual Precious Metals Conference was held in Shanghai on 10th and 11th December. Over 400 gold industry leaders and representatives from China and other regions participated. Here are a few key takeaways.

Ray Jia
Ray Jia
Research Manager
World Gold Council

Stocking up for Chinese New Year drove wholesale physical gold demand in November

Summary

  • The Shanghai Gold Benchmark price (PM) extended its decline in November. The appreciating USDCNY has again made CNY-denominated gold prices weaker than the dollar gold price, resulting in another drop in local gold premium last month.
  • Driven by elevated price volatility, Au(T+D)’s trading volume was higher m-o-m. Meanwhile, the industry’s stocking ahead of the Chinese New Year’s Festival led to a higher Au9999 trading volume and gold withdrawals from the Shanghai Gold Exchange (SGE) in November. • During the first ten months of 2019, China’s gold imports dropped by 41% y-o-y.
  • While some investors have stepped away, Chinese gold ETFs’ gold holdings stabilised around the highest level since last October.
  • The People’s Bank of China (PBoC) left its gold reserve unchanged at 1,948t in November.