Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
According to the National Bureau of Statistics of China the country’s fixed-asset investment in the mining industry reached $211 billion (CNY 1,312.9 billion) in 2012, an increase of 11.8% over 2011.
Fixed-asset investment in coal mining – China is the world’s number one producer and importer of the commodity – was up 7.7% year on year to $85 billion.
Capital expenditure in the ferrous metal mining industry raced ahead 23.7% last year to $24.6 billion.
This figure is in contrast to a 2% contraction in the steelmaking industry – the only sector in the country showing a decline in fixed asset investment.
The growth in steelmaking raw material projects were only outpaced by an increase in non-metal mining of 26.3% to $26.2 billion.
Investment in nonferrous metals mining in 2012 also experienced robust growth – up 19% to $23.7 billion.
