Just seeking general thoughts on if: 1) Prices of will go up/ down due to demand in precious metal 2) Insignificant event and dont expect prices to change due to Chineese New Year? CHeers/
Chinese New Year is a festive event where fiat is spent mostly on food and red packets. It's not common to be buying precious metals at this time, nor giving gold and silver as red packets. The only time when Chinese received gold sparingly are during wedding (like Indians) and for newborns. Other than that, it might be customary to get a little gold every now and then. As for silver, as far as I can tell, the majority can't really be bothered with it still. My take on this... CNY impact on Gold/Silver will be insignificant, like last year and every year before. my 2 ozs, Revlisify
Year of The Dragon had no impact on silver sales revlisify? @OP, yennus and fishball would have more of an idea, the Panda boys in the States would also have their finger on the pulse when it comes to any impact CNY has on PM sales.
Actually, it's interesting how the entire 2012 (technically Year of the Dragon after CNY 2012) was rather quiet for the price of silver. This CNY (2013) we are transiting into the Year of the Snake, which was seldom as hyped up (even by the Chinese) as much as the Year of the Dragon (primarily denoted by birthrates). The POS did spectacularly go from 29 to 49 from Jan 2011 to April 2011. That was during the Year of the Rabbit. But I think it was an event isolated from CNY. I certainly hope one day the public mass would become an influential force in an upswing POS. Regards, Revlisify
UberNutters, OTC guys and associated mates of SX were mainly responsible for that. It had nothing to do with Chinese New Year.
