The World's 5 Biggest Gold Importers
You may have an idea where gold mining companies operate their mines; however, once the yellow stuff is dug out of the ground, where does it go? It certainly doesn't stay in the country where the mine is located. Let's look, then, at the five countries that opened their doors the widest in 2016 to welcome gold imports.
Dropping one place from 2015, India was the fifth largest importer of gold last year -- a year in which the subcontinent's gold market was on a wild ride. Significant volatility was due, in part, to the government's announcement that it would be removing banknotes in denominations of 500 and 1,000 rupees. Although demand jumped following the announcement, the effect was temporary; overall demand fell to its lowest level since 2009.
Image source: Getty Images.
Source: Fool.com
