Chinese investors are showing different attitudes toward investment in gold products and are more cautious than they were earlier this year, industry watchers said Tuesday, after international gold prices saw their most dramatic one-month decline in November since 1978.
"The number of gold bars sold in our store this weekend increased by at least 30 percent compared with the last weekend of October," Jiao
Guangyi, deputy general manager of Beijing Sun Gold Store, told the Global Times Tuesday.
Jiao said most of the buyers thought it was a good opportunity to buy gold products as the price had declined to a low level.
The domestic spot gold price, which fluctuates based on international gold prices, declined to 242 yuan ($39.71) per gram Tuesday, around 6 percent lower compared with the beginning of November.
Chinese investors were generally enthusiastic about buying gold earlier this year.
In April, for instance, prices for the precious metal saw an abrupt drop, prompting a buying spree.
Gold bars and gold accessories were sold out within a few days in department stores in cities like Beijing, Shanghai and Nanjing, according to local media reports in April, when the spot gold price declined to around 300 yuan per gram, nearly 10 percent lower than at the beginning of the year.
Affluent dama, middle-aged Chinese women, are seen as one of the major groups of buyers for gold products.
"I couldn't wait to buy gold as many of my colleagues and friends had already made their purchases," one consumer was quoted by Xinhua News Agency as saying in April.
However, many of these enthusiastic investors suffered losses as prices have dropped further since April.
"Their purchasing approach has become more cautious than before," Jiao noted.]Gold Price $1212.80[/URL]
Chinese investors are showing different attitudes toward investment in gold products and are more cautious than they were earlier this year, industry watchers said Tuesday, after international gold prices saw their most dramatic one-month decline in November since 1978.
"The number of gold bars sold in our store this weekend increased by at least 30 percent compared with the last weekend of October," Jiao
Guangyi, deputy general manager of Beijing Sun Gold Store, told the Global Times Tuesday.
Jiao said most of the buyers thought it was a good opportunity to buy gold products as the price had declined to a low level.
The domestic spot gold price, which fluctuates based on international gold prices, declined to 242 yuan ($39.71) per gram Tuesday, around 6 percent lower compared with the beginning of November.
Chinese investors were generally enthusiastic about buying gold earlier this year.
In April, for instance, prices for the precious metal saw an abrupt drop, prompting a buying spree.
Gold bars and gold accessories were sold out within a few days in department stores in cities like Beijing, Shanghai and Nanjing, according to local media reports in April, when the spot gold price declined to around 300 yuan per gram, nearly 10 percent lower than at the beginning of the year.
Affluent dama, middle-aged Chinese women, are seen as one of the major groups of buyers for gold products.
"I couldn't wait to buy gold as many of my colleagues and friends had already made their purchases," one consumer was quoted by Xinhua News Agency as saying in April.
However, many of these enthusiastic investors suffered losses as prices have dropped further since April.
"Their purchasing approach has become more cautious than before," Jiao noted.]Gold Price $1212.80[/URL]
Mice borrow capital from wealthy men to buy houses at interest, then wealthy men sell debt back to mice in form of RMBS (now bank bonds) and takes money and buys gold and oil with it. Who is smarter.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
Chinese buyers are known to be some of the world’s most furious buyers of gold, a fact that gives comfort to gold bulls during these trying times.
But even those Chinese buyers might be tiring out a little bit.
From Global Times:
Affluent dama, middle-aged Chinese women, are seen as one of the major groups of buyers for gold products.
“I couldn’t wait to buy gold as many of my colleagues and friends had already made their purchases,” one consumer was quoted by Xinhua News Agency as saying in April.
However, many of these enthusiastic investors suffered losses as prices have dropped further since April.
“Their purchasing approach has become more cautious than before,” Jiao noted.
Recently, customers have been buying gold bars “in smaller amounts to avoid risks,” said Jiao.
Peng Lihong, a 30-year-old white-collar worker, told the Global Times Tuesday that she planned to buy 150 grams of gold bars, banking on the precious metal as a safe investment.
But she said she would buy it in several batches, as gold prices could keep falling.
Bullion smuggling outstrips narcotics to feed India's gold habit
Dec 4 (Reuters) - Indian gold smugglers are adopting the methods of drug couriers to sidestep a government crackdown on imports of the precious metal, stashing gold in imported vehicles and even using mules who swallow nuggets to try to get them past airport security.
Stung by rules imposed this year to cut a high trade deficit and a record duty on imports, dealers and individual customers are fanning out across Asia to buy gold and sneak it back into the country.
Sri Lanka, Thailand and Singapore are the latest hotspots as authorities crack down on travellers from Dubai, the traditional source of smuggled gold.
Gold smuggling is not new to India; in fact, many villains of Bollywood movies in the late 1970s were often smugglers. One of the most memorable Bollywood smugglers was Lion (pronounced Loyan) played by actor Ajit in movies like Kalicharan and Yaadon Ki Baraat. Even superstar Ambitabh Bachchan was a smuggler in his blockbuster movie in 1975 Deewar.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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