From Hard Assets Investor.com:

Although we'll have to stay tuned until August to find out what the second quarter looks like in the World Gold Council's next update, there is some indication that maybe Indian demand has recently begun to turn around. As the country heads into festival season, India gold traders have already begun stockpiling gold, even though prices are still high. Brisk trading during the festival and wedding seasons could redeem the gold industry after disappointing sales during April's Akshaya Tritiya festival, when sales were down 20-40%.

Then there's China. With its outlier status as the only country that increased consumption in a quarter-on-quarter basis, could we be seeing a new top dog in gold demand?

In a Bloomberg article on Friday, Hou Huimin, deputy head of the China Gold Association, said:

"There is a possibility that China might overtake India as the world's largest gold consumer this year. ... China's consumption is growing and this year's will surely be more than last year's."

Read full article (includes "peak gold" chart):

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