China Daily and gold

Discussion in 'Gold' started by Naphthalene Man, Mar 1, 2011.

  1. Naphthalene Man

    Naphthalene Man Active Member Silver Stacker

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    two somewhat related articles that will be good for gold....

    Malls witnessing gold rush as shoppers fear inflation
    http://www.chinadaily.com.cn/bizchina/2011-02/28/content_12088986.htm

    Population now stands at 1.341 billion
    http://www.chinadaily.com.cn/china/2011-03/01/content_12091922.htm

    From the gold article...
    "Statistics from Beijing Caibai, the city's largest jewelry store, show sales of gold and other jewelry have totaled about 4 billion yuan ($608 million) so far this year, a 70-percent increase year-on-year.

    Wang Chunli, general manager, told METRO that hundreds of customers are lining up outside every day to buy gold accessories, such as necklaces and rings. To cope with demand, the store has even introduced a string-weave service, she said, adding: "We've also arranged experienced staff to be on duty and increased the number of security guards."

    After seeing the enthusiasm for gold investment, insiders predict prices will continue to rise this year.

    Zhou Xiangrui, deputy general manager of Guo Hua, an established gold and jewelry store, even suggested that the surging demand could set a new record, saying: "The price is estimated to increase by 10 percent this year."

    Concern over the volatile conditions in the Middle East and the debt crises in Europe could also impact gold prices, said Ji Zhiguo, an analyst the Beijing Gold Trade Center. "This year we might see some investors purchasing more than 10 kilograms of gold bars again," he said.

    Gold sales in large shopping malls citywide increased by at least 40 percent year-on-year during the first two months of 2011, Legal Mirror reported.

    According to China Central Television, about 40 investors are rushing to purchase gold bars every day at the Wang Feng shopping mall in the Xinjiekou area, with most snapping up several kilograms at a time."
     
  2. Goldmember

    Goldmember Member

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    Get the feeling this might happen when our friends in the USA start feeling the pinch...i mean REALLY feeling the pinch?

    Its a foregone conclusion.......
     

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