I think "consumption" is slightly misleading, as it gives the impression that the gold ceases to exist, when in reality gold is almost endlessly recycled. There's not necessarily a better single term, but for India and some others "accumulation" is probably more accurate.

One of the things that surprises me is seeing how Mexico 🇲🇽 and Brazil🇧🇷, which have a fairly wide supply against their demand, that is to say that there is a lot of gold! It is extremely difficult to buy gold in South American countries. In Peru, for example, their central bank issues silver and gold coins, but I must point out that the yellow coins are extremely expensive, with a high premium on the price of gold. And the silver coins, although also highly priced, are Ag 925. And finding any of the main silver or gold bullion coins used for long-term investment is almost impossible. When I say the main ones, I mean the Chinese Panda, the Vienna Philharmonic, the American Eagle, the Australian Kangaroo, and the English Britannia, to name a few. If it is almost impossible to see or find a "Mexican Libertad Coin" where it shows that there is a wide supply with low demand, unless you travel to Mexico it is the only option to find some hard money or pay a very high commission for a lower quality coin like the Peruvian ones or if someone offers you some of the main ones, you will assume that it is not cheap. Something that I find difficult to understand having Brazil and Mexico so close, being the main extractors of the mineral, and having a demand much lower than the supply they have available.

wow, why is china and india consuming so much?

India and China are the largest consumers of gold, but they have significant differences in their supply. India consumes 50 times more gold than it produces due to its jewelry industry, while China produces more than a third of the gold it demands. A chart compares the gold demand and production in 10 countries, based on data from the World Gold Council in 2023.