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Gold reserves selloff estimated to have cost Britain
Gold Bars Welcomed by Chinese consumers
China Daily, Beijing
Saturday, November 27, 2004
http://www.chinadaily.com.cn/english/doc/2004-11/27/content_395351.htm
With more cash in their wallets, many Chinese are
looking for ways to diversify their investments to
guarantee the security of assets and to even seek
a profit.
For many, gold seems to be the favored choice. The
second batch of 2005 New Years Celebration Gold
Bars have just gone on sale in Beijing and being
warmly received by potential consumers.
Ranging from 50 to 1,000 grams, the gold bars are
selling at 128 Yuan per gram, an increase of 3 Yuan
compared with the first batch of bars that sold out
quickly just a week ago.
Wang Chunli, general manager of Beijing Caibai
Department Store, said, "The main reason for the
increase in price is because the international gold
price rose. Our price will move closely with the
Chinese benchmark."
The international gold price has been on a up-trend
recently. On November 25, the international gold
price hit almost a 16-year high of 452.75 US dollars
per ounce. But this small increase has not frightened
consumers away.
Wang said, "The first 300 kilograms of gold bars sold
out very quickly. The second batch is only 200
kilograms, but we've received orders of more than
1,000 kilograms. If it is possible, we will try every
means to provide a big enough third batch to meet the
demand, maybe another 300 kilograms."
The bullish price reflects a strong market demand. The
enthusiastic public response is obviously very good
news for gold producers. One industry organization
forecasts that the gold sector will see a big rise in
profits for the year.
According to statistics of the China Gold Association,
in the first three quarters of 2004, profits from its 300
member gold producers totaled more than 2 billion
Yuan, or US$245 million, a jump of 35 percent year
on year.
Gold output amounted to some 149 tons during this
period, an increase of 7 percent. Total gold demand
in 2004 is expected to rise to 220 tons from 207 last
years.
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