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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 [1]
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 [2] lately.

On Thursday, the Shanghai Daily [3] 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 [4] 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) [5]

It’s not just housewives in China. The China Daily [6] 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 [7] swamping jewelry stores across Asia. Writing for the South China Morning Post [8] on April 16, George Chen, whose penname is “Mr Shangkong,” wrote of China’s love affair with the shiny stuff.

Full article here [1]

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URL to article: http://www.prisonplanet.com/chinese-housewives-buy-300-tons-of-gold.html

URLs in this post:

[1] Market Watch: http://blogs.marketwatch.com/thetell/2013/05/02/chinese-housewives-buy-300-tons-of-gold/

[2] gold: http://www.marketwatch.com/story/gold-rises-as-investors-eye-monetary-stimulus-2013-05-02?dist=beforebell

[3] Shanghai Daily: http://english.peopledaily.com.cn/90778/8229423.html

[4] blogger Max Keiser: http://maxkeiser.com/2013/05/02/chinese-housewives-gold/

[5] (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/

[6] China Daily: http://www.chinadaily.com.cn/cndy/2013-05/02/content_16466595.htm

[7] reportedly: http://blogs.marketwatch.com/thetell/2013/04/17/consumers-stay-loyal-to-gold-as-investors-flee/

[8] South China Morning Post: http://www.scmp.com/business/money/wealth/article/1215940/when-it-comes-gold-price-war-bullish-chinese-consumers-cant

[9] Chart Of The Day: Chinese November Gold Imports Soar To 91 Tons; 2012 Total 720 Tons: http://www.prisonplanet.com/chart-of-the-day-chinese-november-gold-imports-soar-to-91-tons-2012-total-720-tons.html

[10] Chinese Gold Imports Soar To Monthly Record On Insatiable Demand: http://www.prisonplanet.com/chinese-gold-imports-soar-to-monthly-record-on-insatiable-demand.html

[11] Gold Support at 144 Day Moving Average at $1,603; Chinese Gold Demand “Extremely Strong”: http://www.prisonplanet.com/gold-support-at-144-day-moving-average-at-1603-chinese-gold-demand-%e2%80%9cextremely-strong%e2%80%9d.html

[12] The Hoarding Continues: China Purchases A Record 100 Tons Of Gold In April From Hong Kong: http://www.prisonplanet.com/the-hoarding-continues-china-purchases-a-record-100-tons-of-gold-in-april-from-hong-kong.html

[13] Chinese Gold Imports Surge In September, YTD Total Surpasses Official Indian Holdings: http://www.prisonplanet.com/chinese-gold-imports-surge-in-september-ytd-total-surpasses-official-indian-holdings.html

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