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Chinese housewives buy 300 tons of gold
Posted By admin On May 3, 2013 @ 11:36 am In Money Watch | Comments Disabled
Market Watch 
May 3, 2013
They are numerous and thumbing their noses at Wall Street, evidently. And perhaps they offer some explanation for the turnaround in gold  lately.
On Thursday, the Shanghai Daily  reported on a “Voice of China” radio program that claimed Chinese housewives are propping up gold prices. The program said those women reportedly spent 100 billion yuan ($16 billion) over the past two weeks, buying up 300 tons of gold and helping keep prices steady at around $1,468 an ounce.
Putting it all in perspective nicely, blogger Max Keiser  notes that while Chinese housewives were out scooping up gold, Americans sold $16.6 billion worth in the first four months of the year. (Read: Gold ETF loses No. 2 spot to emerging markets) 
It’s not just housewives in China. The China Daily  also reported Thursday that Hong Kong retailers were overwhelmed by all sorts of shoppers from the mainland seeking cheap gold over the three-day May Day holiday, with long lines outside gold shops, blocking streets and sidewalks. That echoes what happened in the wake of that historic gold drop on April 15, with shoppers reportedly  swamping jewelry stores across Asia. Writing for the South China Morning Post  on April 16, George Chen, whose penname is “Mr Shangkong,” wrote of China’s love affair with the shiny stuff.
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URL to article: http://www.prisonplanet.com/chinese-housewives-buy-300-tons-of-gold.html
URLs in this post:
 Market Watch: http://blogs.marketwatch.com/thetell/2013/05/02/chinese-housewives-buy-300-tons-of-gold/
 gold: http://www.marketwatch.com/story/gold-rises-as-investors-eye-monetary-stimulus-2013-05-02?dist=beforebell
 Shanghai Daily: http://english.peopledaily.com.cn/90778/8229423.html
 blogger Max Keiser: http://maxkeiser.com/2013/05/02/chinese-housewives-gold/
 (Read: Gold ETF loses No. 2 spot to emerging markets): http://blogs.marketwatch.com/thetell/2013/05/01/gold-etf-loses-no-2-spot-to-emerging-markets/
 China Daily: http://www.chinadaily.com.cn/cndy/2013-05/02/content_16466595.htm
 reportedly: http://blogs.marketwatch.com/thetell/2013/04/17/consumers-stay-loyal-to-gold-as-investors-flee/
 South China Morning Post: http://www.scmp.com/business/money/wealth/article/1215940/when-it-comes-gold-price-war-bullish-chinese-consumers-cant
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