Chinese buy gold like hotcake.# Stock
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With the global crisis still raging – and central bankers poised to do the
only thing they know how to do (print money) – we'd again urge you to own
some gold and silver. The high prices aren't stopping the Chinese…
August is traditionally a slow month for gold sales at jewelers. But Reuters
reports many shops in Shanghai have seen huge sales over the past few weeks
… "The surge in prices has sparked another gold-buying craze. The 50-gram
and 100-gram gold bars were selling like hot cakes," said Ms. Liu, a store
manager at Shanghai's major jeweler Lao Feng Xiang. Liu said sales this
month are up 30% from last year.
"Many Chinese investors and consumers see price corrections as buying
opportunities. The view that gold is an enduring store of value is firmly
rooted in Chinese cultural traditions," said Hou Xingqiang, a gold analyst
at Jinrui Futures. "Gold's rally over the past two years and the debt
worries in the West have only strengthened Chinese investors' belief that
they need to own the metal as an investment asset."
only thing they know how to do (print money) – we'd again urge you to own
some gold and silver. The high prices aren't stopping the Chinese…
August is traditionally a slow month for gold sales at jewelers. But Reuters
reports many shops in Shanghai have seen huge sales over the past few weeks
… "The surge in prices has sparked another gold-buying craze. The 50-gram
and 100-gram gold bars were selling like hot cakes," said Ms. Liu, a store
manager at Shanghai's major jeweler Lao Feng Xiang. Liu said sales this
month are up 30% from last year.
"Many Chinese investors and consumers see price corrections as buying
opportunities. The view that gold is an enduring store of value is firmly
rooted in Chinese cultural traditions," said Hou Xingqiang, a gold analyst
at Jinrui Futures. "Gold's rally over the past two years and the debt
worries in the West have only strengthened Chinese investors' belief that
they need to own the metal as an investment asset."