China Goes Gold Crazy. Why Now? China Is Running Out Of Money

World Gold News

Spurred by a sudden drop in prices, Asians in the last two weeks have gone on a gold-buying binge.  The Indians, the world’s largest net importers of the yellow metal, have been snapping it up of course, and so have the Japanese, now concerned about a falling yen and rising inflation.  Hong Kong residents descended on the stores, but none have been so enthusiastic in stocking up on the commodity as Chinese from the Mainland.

Mainland Chinese purchasers have been ferocious.  First, they emptied stores in their own country.  Caibai, Beijing’s largest gold merchant, had a queue 30 feet out the door on the morning of the 19th.  “So many people in line,”remarked a customer in Nanjing, where one person splashed out 2.9 million yuan on ten gold bars each weighing a kilogram.  Retailers ran out of stock in Guangzhou.  The China Gold Association reported that on the 15th and 16thretail sales…

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