ZH The graph below of physical gold delivery out of the Shanghai Gold Exchange (SGE) vaults based on the weekly reports from the Chinese portion of the SGE site. The SGE has confirmed these are deriveries from the vault and the numbers are updated on a weekly basis (each Friday). Goldminerplus
This was in response to a shop promotion - 14%-19% discount. There were no similar queues in other shops. http://usa.chinadaily.com.cn/china/2013-06/12/content_16611576.htm The shop promotion was something that Zero Hedge (and other similar websites) conveniently forgot to mention in their articles - http://www.zerohedge.com/news/2013-...ina-ten-thousand-people-waiting-line-buy-gold It's a bit like one of their other stories claiming the US mint resumed seling 1/10 oz gold eagles at a massive 40% premium but were actually referencing the prices of the proof versions, which always had that premium. http://www.zerohedge.com/news/2013-...ng-one-tenth-ounce-gold-coins-40-premium-spot I like Zero Hedge but sometimes they skew (or omit) the facts a bit
Even if they did omit or forget to add in the promotion part just for sensationalism, it still shows the insatiable demand they have for gold when it's discounted. I don't think anywhere near that number would queue for gold in the Western world if those discounts were applied. The pic for the 1/10oz AGE in the article clearly showed that it was a proof and the readers picked up on that straight away anyway. I might just start posting KWN stories from now on just to wind you up
Spelt how it is said with a Chinese accent... Have not seen a queue like that for ANY bullion sale or release in Australia. Even an ANDA show a few hundred, the great Dragon release of 2011 was at most 50-100 people. We perhaps don't see the demand like the rest of the world. Makes me even more confident in the long term potential.
I don't think anywhere near that number would queue for gold in the Western world if those discounts were applied. It would have to be for a pair of air jordan sneakers or a beiber concert.
Asians (or maybe just Singaporeans) love queuing up for stuff. Hello Kitty toys, freebies, smartphones, apartment launches etc. http://m.thejakartapost.com/news/2012/03/25/want-money-get-line-more-youth-getting-paid-wait.html
The simple statement though is that Zerohedge is a spreader of scams, and after also seeing a sufficient high amount of occasions, I concluded the same. And where in user Ag47's post did you see signs of 'winding up'? I don't. Does the presence of a 'correcting' post suffice for you? Maybe you should start posting more KWN stories. Could result in a nice overview of the misleading going on.