[NEWS] Asian investors stricken by gold fever on record price

Discussion in 'Modern Chinese Coins & Medallions' started by yennus, Aug 2, 2011.

  1. yennus

    yennus Well-Known Member Silver Stacker

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    Asian investors stricken by gold fever on record price
    http://arabnews.com/economy/article477414.ece

    "SINGAPORE: Gold fever is gripping Asian investors and could spread to central banks as global growth uncertainties tarnish the appeal of other assets, putting bullion on course for more gains but also provoking fears about supply."

    "China has the world's biggest foreign reserves, which stood at $3.2 trillion at the end of June. Gold holdings of 1,054.1 tons make up just 1.6 percent of its reserves, though China ranks sixth among the world's top official holders of gold.

    India and China together made up 57 percent of first-quarter global consumer demand for gold, the World Gold Council says.

    China's frenzy for gold prompted the central bank to step up sales this year of gold and silver Panda Coins.

    The People's Bank of China plans to sell 500,000 1-ounce gold coins, or 66 percent more than its earlier target of 300,000. It also tripled sales targets for half-ounce, quarter-ounce, 1/10-ounce and 1/20-ounce gold coins to 600,000 each from 200,000 earlier."

    Opinion: Chinese demand for physical bullion, will push the price of Panda skywards. Pandas are the primary type of bullion coin in China. Canadian Maples are the primary bullion coins of Canada, Koalas are the primary bullion coins of Australia, ASEs are the primary bullion coins of America... Pandas are the primary bullion coins of China. Only the Pandas carry a significant numismatic edge, even though they are purchased at bullion prices when first issued, a fantastic investment opportunity.
     

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